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Go Grow Somewhere Else

Seattle’s suburbs eagerly accept Microsoft’s $500 million investment for affordable housing—but Seattle itself is not interested. Originally published at City Journal

Microsoft recently announced an unprecedented three-year, $500 million investment to spur housing development across the Puget Sound region. Since 2011, strong economic growth in the Seattle metro area has boosted overall jobs by 21 percent, but the housing stock has expanded only 13 percent, leading to a massive increase in rental and home prices. It’s a problem reaching crisis levels in all West Coast tech cities.

Microsoft plans to devote half the investment—$250 million—to pay for market-rate loans to support low-income housing. Another $225 million will go to preservation and construction of middle-income housing in the cities surrounding the company’s Redmond campus, and $25 million will go toward addressing homelessness. Overall, Microsoft hopes to leverage these funds to create “tens of thousands” of new units and reinvest the returns into new projects.

Continue Reading at City Journal

Christopher Rufo

Former Director, Center on Wealth & Poverty
Christopher Rufo is former director of the Discovery Institute’s Center on Wealth & Poverty. He has directed four documentaries for PBS, Netflix, and international television, including his latest film, America Lost, that tells the story of three "forgotten American cities.” Christopher is currently a contributing editor of City Journal, where he covers poverty, homelessness, addiction, crime, and other afflictions. Christopher is a magna cum laude graduate of Georgetown University, Claremont Institute Lincoln Fellow, and has appeared on NPR, CNN, ABC, CBS, HLN, and FOX News.