Seattle Social Housing On track to have first property inked in 2026

Seattle Social Housing (SSH) is set to acquire its first property by early 2026, leveraging a newly approved 5% tax on employers with salaries exceeding $1 million, expected to generate over $50 million annually. The organization has initiated a request for information aimed at identifying suitable multifamily projects that are shovel-ready or permit-ready within Seattle city limits. SSH will exclude properties burdened by existing affordability covenants to maintain its mixed-income housing model. This public developer was established following voter approval, addressing a significant need for affordable housing amid current economic challenges. The tax revenue will empower SSH to borrow enough to develop or acquire 2,000 housing units in the next ten years, providing a substantial boost to the city’s housing stock.

Mayor-elect Katie Wilson's transition team includes key advocates for the SSH program, highlighting a collaborative effort to enhance affordable housing options across income tiers. Earlier funding measures were rejected in favor of this broader strategy, which aims to create diverse housing opportunities. SSH's proactive steps reflect an urgent response to the pressing housing crisis in Seattle.