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This is a big story.

The City Council is providing tax breaks for wealthy investors who are getting rich by building downtown at the expense of the everyone else. This is literally a system where every dollar of tax exemption the City Council provides to these investors is replaced by higher charges to everyone else’s tax bill. The city and schools come out fine, the big investors come out fine, only the regular people get stuck with a higher tax bill exactly equal to the amount of the gift to the investors.

But unlike the Home Fund or other programs that Olympian’s willingly voted to provide for low and affordable housing, NONE of these 8-year tax shifts pays for that kind of social benefit. These are market rate housing – some are at the very, very high end of the market. And we didn't get to vote for these.

Why should everyone have to pay more so that the rich get richer?

Fun fact for you to ponder. The eight buildings that have received the 8-year tax breaks from 2021 to 2023 have increased in value by 124% or $97 million, based on the Thurston County Assessor’s market valuation website. Is that a return on investment that requires we subsidize them? To build market-rate housing?

Want an example? Check out the increase in valuation of this property at 321 Legion Way SE, that more than doubled (+154%) in value making millions for the investor. (see https://tcproperty.co.thurston.wa.us/propsql/value.asp?fe=&pn=78503600300). But we are stuck with paying $137,771 in 2023 more in our property tax bills so they wouldn't have to.

So far, a typical homeowner in Olympia is paying about $80 a year in EXTRA taxes so that these investors can get away with paying no taxes on their apartments or condos. But the city wants to do more of this in other parts of the city so if they triple it that too will come out of your pocket whether you are a property owner or renter who is not well-off enough to live in these high rent, tax exempt buildings.

The City needs to stop doing this to us.