Larry thank you so much for your critical thinking and detailed analysis on the MFTE. I agree, I think it would be far better to just ask tax payers if they want to be taxed for more affordable housing, instead of giving money away to developers, to only in some instances, build quasi affordable housing. That way we could get truly affordable housing at a much lower average median income (AMI). Right now 80% of the AMI is the City’s definition of affordable and that is 57K a year for a single person. Many people have much lower incomes than that and couldn’t afford this “affordable" housing.
Seattle just passed a ballot measure for housing. It will build low income housing, support rebuilding deteriorating housing units, and give rental assistance.
Olympia should dump the MFTE. With the MFTE: developers win, the City wins BIG time, and taxpayers lose.
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