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Measuring affordable housing is tricky. Different organizations look at different things: some at buying homes, others at renting apartments. Many U.S. studies, for example, only consider the average rent of a two-bedroom apartment, regardless of location or quality. This can make housing look more expensive than it actually is for many people.
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The McKenzie Apartments is a residential high-rise building in Seattle, Washington. The 40-story skyscraper, located in the Denny Triangle neighborhood, was completed in 2018 and has 450 apartments. History
In 1970, there were 300,000 more low-cost rental units (6.5 million) than low-income renter households (6.2 million). By 1985, the advocacy group claimed that the number of low-cost units had fallen to 5.6 million, and the number of low-income renter households had grown to 8.9 million, a disparity of 3.3 million units.
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WB1200, also known as 1200 Stewart, is a future twin skyscraper complex in the Denny Triangle neighborhood of Seattle, Washington, United States.The project is located at the intersection of Stewart Street and Denny Way and comprises 1,014 apartments and retail space in two 48-story buildings.
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Another contributing factor to the rising price of housing has been Amazon establishing its headquarters in downtown Seattle and the subsequent influx of high-wage tech workers due to the tech boom, between 2010 and 2017 the median rental cost in Seattle rose 41.7%, while the national average was only a 17.6% increase. [64] [65] [66]
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