Seattle Subsidized Units Sit Empty, Affordability Fails
Record Delivery and Absorption Challenges Seattle's ambitious affordable housing initiatives have led to an unprecedented surge in new subsidized units. Yet, serious challenges in absorption threaten to overshadow these accomplishments. In 2023, the city planned for almost 6,000 affordable homes. A significant portion targets extremely low-income households. Seattle Mayor Bruce Harrell announced a $170 million investment for affordable housing in order to address these needs and support the transitions from shelters to permanent housing. Many residents have resorted to innovative solutions, such as tiny homes , to cope with affordability issues, further complicating the absorption landscape. Market dynamics present hurdles, however, as rising operating costs outpace rent payments. By 2024, the city funneled $14 million to stabilize budgets amid escalating expenses. The figure is expected to leap to $52 million by 2025. Financial pressures on providers impact the absorption rate. T...