Less than half of Seattle's JumpStart tax revenue will go toward housing
Less than half of the nearly $234 million generated by Seattle's JumpStart tax will go toward housing, according to new information provided to Business Journal.
Councilmember Teresa Mosqueda, who spearheaded the tax initiative in 2020, told the Business Journal that $97.2 million will be set aside for housing, providing the clearest picture yet of how the city's new funding source will help facilitate affordable housing.
Mosqueda and other Seattle councilmembers have touted the JumpStart tax as a way to support affordable housing, mandating that 62% of the revenue collected annually goes toward housing. But that came with an important caveat.
Before those JumpStart dollars could be divvied up, Mosqueda said $85.6 million — more than 36% of the payroll tax revenue — will go into the general fund.
https://www.bizjournals.com/seattle/news/2022/07/12/payroll-tax-update-spending-housing-general-fund.html