It is time to tackle our housing affordability crisis head on.
I hear regularly from our members that they are struggling to attract and retain workers because of the cost and scarcity of housing. Employers want their workers to be able to live within a reasonable distance of their job site. Business leaders want to make sure that the next generation – young people, including their own children – can grow up, stay here, and take part in our region’s amazing economy and prosperity. Healthy communities need healthy housing markets, and we need both for a healthy economy.
That’s why we have put our stake in the ground saying we will work relentlessly to tackle affordability.
The challenge is we don’t have enough housing options in this region for our employees to buy and rent across all life stages and across the income spectrum. We can’t rely on half measures, and we know voters support solutions.
The recent Index poll of 700 Seattle voters said 67% support the building of new housing in their neighborhoods and 79% support policies that make it easier to build new housing in transit and commercial areas. With support this strong, it’s time for action.
We’re already using a lot of the tools in the toolbox: subsidies for building new housing, preservation of housing that is affordable today, and more density downtown and around high-capacity transit. But these efforts are not enough on their own – we must make policy changes and bring the market to the party.
There is no silver bullet. Changing housing policy isn’t doing one thing and then dropping the mission accomplished banner. We’re going to need to pull a bunch of levers to make it work, including:
- Updating zoning so we can have more types of housing in our neighborhoods – duplexes, triplexes, and more.
- Streamlining permitting, reform design review and look at requirements – anything that adds time, adds cost – cost that gets passed on to the buyer or renter.
- Reviewing our approach to building codes and ensure every requirement is worth it.
- Continuing to invest in subsidized housing – both permanent supportive housing and low-income housing, as well as preserving housing that is affordable today.
If we do all those things, we can unlock more middle-income housing in our region, and across the state. New research released last week from Challenge Seattle backs this up – there are policy solutions, that if deployed in concert, can materially move the needle on this problem.
We’ve got a window for action right now: I want to see legislation passed this session and our Chamber is working in coalition to make sure it happens. Later today in Olympia, I’m testifying in support of House Bill 1110 that proposes to bring more flexibility for things like duplexes and triplexes in more neighborhoods.
Every city in our region is unique and has its own character, and we at the Chamber care about that and want to preserve it. And, as someone who spent nearly 15 years working in local and regional government myself, I know land use and development of housing is complicated – and the places where we live and work matter. We see communities across the region say they want more housing, they say they need housing to be more affordable – and they really mean it.
So, let’s work together to meet the scope and scale of the problem. Escalating rents and home prices aren’t just a Seattle and King County problem. This is an issue affecting communities across our state, and the best way to accomplish what we all say we want is to set a statewide framework. This will ensure that cities will have a base for the housing they need, and the flexibility to deliver in a way that works for their community.
The private sector has a role to play, too, including launching initiatives to support affordable housing by how banks provide loans, how houses are appraised, and how we create opportunities for wealth. Bank of America, for example, has launched the Community Affordable Loan Solution™ to Expand Homeownership Opportunities in Black/African American and Hispanic-Latino Communities. Here in Washington state, Microsoft pledged $750 million to affordable housing, which is contributing to the creation and preservation of 9,200 housing units. JPMorgan Chase & Co. has provided $457 million in financing to support the creation of 1,900 units of affordable rental housing. Amazon has committed $360 million to affordable housing in the Puget Sound region. As an employer community, we know this needs to be a public-private partnership.
Housing legislation is going to get tricky this session, but we’re encouraging legislators, local government officials, business leaders, builders, and community advocates to work together to address misalignments and anchor conversations in our values and what we want to accomplish – more housing. And you can count on the Seattle Metro Chamber to be there, to serve as a convener, and to be your champion.
I’ll see you in Olympia,
Rachel
Rachel Smith
President and CEO