I couldn’t have scripted a better comment.
He’s exactly right: the ownership and control of land is what has created this problem and addressing that is the best, if not only, way out of it. My empathy for land owners/home owners who feel compelled to defend their wealth by knuckling those without land is pretty low. If they took a look at the city’s rental property database and realized how many homes in their neighborhood were rentals — maybe they own one themselves — and the corrosive impact that has on the city, they might see things differently. But I expect we’d hear “well, that’s just one house…what harm can it do?”
Last I looked, fully 20% of the homes in Seattle were rentals, off inventory, unavailable to be owned by people who live and work here, some owned by out-of-state investors, large and small. How do you think some of these globetrotting influencers underwrite their glamorous lives? Whatever happened to working for a living, for being able to live and invest in your community?
So what is to be done?
- get rid of the state’s “Uniformity clause” that prevents taxing land as productive asset
- institute a land tax/ground rent that discourages low-value uses of land (parking lots, brownfields, strip malls along busy arterials)
- get rid of obsolete parking minimums and height restrictions on new developments, with a ground rent that will drive more dense land use