Councilmembers introduce alternative to I-137 ahead of ballot deadline - Seattle City Council Blog

In a significant move to address Seattle's affordable housing crisis, Councilmember Maritza Rivera has proposed an alternative to the upcoming ballot Initiative 137. This alternative, referred to as Council Bill 120864, would amend the Payroll Expense Tax (PET) to allocate $10 million annually to the Seattle Social Housing Developer for a five-year period, with the potential for future funding based on successful outcomes. Rivera stressed the need for accountability, asserting that public funds should not be given without oversight and that taxpayers deserve to see results from their investments. The proposed bill includes mandatory governance structures for the Social Housing Public Development Authority, requiring it to have a chief executive officer and chief financial officer along with robust financial controls. Councilmember Cathy Moore praised Rivera's thoughtful legislation, while Bob Kettle emphasized the necessity of safeguarding taxpayer funds.

Mayor Bruce Harrell has also expressed support for providing voters with this alternative option, reflecting a broader consensus among city leaders on the need for innovative solutions in housing. This initiative aims to align social housing efforts with existing affordable housing safeguards, ensuring responsible use of public dollars. The introduction of this measure represents a proactive step toward enhancing housing accessibility in Seattle.