KING COUNTY, Wash. — King Councilmember Girmay Zahilay announced a proposal Tuesday that, if approved, would begin a process to secure at least $1 billion in funding for more affordable housing. If passed, the proposed motion would direct the county to study feasibility and devise a plan that would utilize excess debt capacity to pay for workforce-rate rentals.
"The initiative aims to ensure that our essential workers like nurses, teachers, electricians, first responders and so many others can afford to live close to the communities that they serve," Zahilay said in a news conference Tuesday.
According to Zahilay, the county has around $9 billion in unused debt capacity that could be borrowed from without compromising its financial health. He says revenue from rent in the housing would be used to service interest on the debt and pay on the principal.
"Over time, this becomes self-sustaining, making it a smart and responsible way to increase our housing supply without passing regressive tax burdens onto the public," Zahilay said.
The feasibility study would determine the number of units that might be funded. The program would not create a separate or new entity to oversee housing; it would simply secure a new funding mechanism for the county.
Representatives from local union IBEW 46, the Seattle Chamber of Commerce, the King County Housing Authority and a real estate investment firm were on hand in support of the proposal, as well as fellow Councilmember Rod Dembowski.
A council committee will officially hear the motion on Sept. 11. Legislation can be read here.