Seattle’s booming economy has worsened an acute housing shortage.
In response, the city council recently passed a new tax that will impose a levy on companies with annual revenues of $20 million of about $275 per full-time employee every year. The new so-called “Amazon tax” takes effect in January 2019, and is expected to raise almost $45 million a year for five years.
Roughly 60% of the revenue will help fund new affordable housing, and 40% will go toward emergency services for the homeless. Seattle leads the nation in crane count for major U.S. metros, but the new tax may throw cold water on the hot construction market.
The city is coping with a growing homeless population, and many supporters of the head tax argue that the growth of tech companies like Amazon has contributed to the problem. Highly paid tech workers have been buying homes at a rapid pace, with prices rising quickly.
Related Stories
Codes and Standards | Jan 26, 2021
Updated guide to repair and rehabilitate existing concrete structures published
Document assesses how to adhere to code requirements.
Codes and Standards | Jan 25, 2021
New guide for skylight selection, daylighting design released
Free Fenestration and Glazing Industry Alliance document now available.
Codes and Standards | Jan 21, 2021
California considers statewide ban on natural gas heat, hot water in new homes
Code update would take effect in 2023.
Codes and Standards | Jan 20, 2021
Steel industry, labor urge Biden to retain steel tariffs
‘Essential to ensuring the viability of the domestic steel industry.’
Codes and Standards | Jan 19, 2021
2021 Solar Investment Tax Credit will remain at 26%
Incentive was scheduled to be reduced to 22%.
Codes and Standards | Jan 19, 2021
Thomas Jefferson University launches the Institute for Smart and Healthy Cities
Will address climate change, social equity, rapid urbanization, and health.
Codes and Standards | Jan 14, 2021
Petition urges FEMA to update flood maps, set tougher standards for floodplain construction
Environmental and planning groups note soaring claims, flood insurance debt.
Codes and Standards | Jan 13, 2021
Proposed change to IECC process irks efficiency advocates
New procedure would diminish influence of local code officials.
Codes and Standards | Jan 12, 2021
Two net-zero hotel projects could portend a new hospitality trend
Energy-intensive sector comprises 10% of all commercial real estate.
Codes and Standards | Jan 11, 2021
Zero Energy Buildings growth driven by government policy, stringent codes, technologies
Restraints include high upfront cost, and lack of universal definition and approaches.