How can we as a city (seattle) keep affordable apartment rents in the city for non tech workers?? (Everett: lease, condos)

[annonymous0381]

Originally Posted by thatguy950

Let the market decide, prices will drop again eventually as always is the case in Seattle. Happens when people realize it's not really a good place to live or an affordable alternative to SoCal

I guess it goes in cycles

[annonymous0381]

Originally Posted by CrazyDonkey

That's only six years away. Values within easy reach of the station will go up. The Roosevelt and Brooklyn Stations open at the same time. Buying means looking at least 10 to 15 years ahead. If it is where you want to be, you need to start looking now.

I guess its a good investment for now.

[thatguy950]

Originally Posted by annonymous0381

I guess it goes in cycles

Definitely, everyone gets all excited when it spikes and get amnesia about this happening before, but it certainly wouldn't be the first time it pops up and settles back down.

[StealthRabbit]

Originally Posted by annonymous0381

I guess it goes in cycles

yes, Southbound Feb - May. Northbound May - Oct. you just need a few more SB months to balance out the equation.


How to have affordable rents?....

Sell apartment complexes to Housing co-ops (that are not "market based" fees / equity gain) 50 yrs ago would have been a better starting place, but people can still do it now.

Has worked for 100's of yrs throughout international metro economies, including in USA / NYC. A few WA MHP (Mobile Home Parks are going to 'resident ownership', eventually they will have a SWEET deal!

The oldest ROC I work with was formed in 1978. The current owner / residents enjoy costs that are 1/4 market rates or less. ALL their maint, swimming pools, grounds care, staff is PAID for out of reserves.

[annonymous0381]

Originally Posted by StealthRabbit

yes, Southbound Feb - May. Northbound May - Oct. you just need a few more SB months to balance out the equation.


How to have affordable rents?....

Sell apartment complexes to Housing co-ops (that are not "market based" fees / equity gain) 50 yrs ago would have been a better starting place, but people can still do it now.

Has worked for 100's of yrs throughout international metro economies, including in USA / NYC. A few WA MHP (Mobile Home Parks are going to 'resident ownership', eventually they will have a SWEET deal!

The oldest ROC I work with was formed in 1978. The current owner / residents enjoy costs that are 1/4 market rates or less. ALL their maint, swimming pools, grounds care, staff is PAID for out of reserves.

This all sounds like a great idea. People in seattle should get together to form these co ops

[87112]

Originally Posted by thatguy950

Let the market decide, prices will drop again eventually as always is the case in Seattle. Happens when people realize it's not really a good place to live or an affordable alternative to SoCal

Not sure about how far it will drop, I think tech workers literally have money to burn if a home drops 100k in value in a year its nothing to them, they will call their SoCal friends and say its a buying time.

[CrazyDonkey]

Originally Posted by 87112

Not sure about how far it will drop, I think tech workers literally have money to burn if a home drops 100k in value in a year its nothing to them, they will call their SoCal friends and say its a buying time.

The bigger issue is that condo values could plateau, while wages drop in a local/national/global recession. You might be able to move back in with family if you can't afford the rent, but if you can't afford your mortgage, you can lose your investment. Now if you have savings or family backing to tide you through an economic downturn, then locking in your housing costs now could still make sense, since the general trend would still be up.

[mhays25]

There's no easy answer. Construction isn't cheap and never will be.

But we can stop adding fees and process. A sizeable percentage of the cost of any unit is design review and rigorous land use permitting (including holding costs, design costs, etc.), and fees. Easing those a bit would help. (The fees mostly go to affordable housing, but EVERY renter in Seattle pays because the fees are pushing market rates up, for a relatively minimal number of affordable units...it's very counterproductive.)

Allowing accessory units would go a long way. There's no reason other than nimbyism stopping this. People would get cheap housing and homeowners would get help with their mortgages. It's win-win.

Cutting parking requirements for new buildings has helped quite a bit. The closer to the core the less parking is typically wanted by the residents, especially if they're charged separately for it. So people without cars have that option.

The City shouldn't have restricted micro units so much. A lot of baristas, retirees, admin assistants, students, etc. would love to have a "dorm room" or full studio smaller than is allowed, because then they could skip the commute, not have a roommate, have stuff that works, etc. It's not for everybody but these places are popular. Nimbys got their way. So change that.

And continue to fund low-income units with the levy etc.

[annonymous0381]

Originally Posted by mhays25

There's no easy answer. Construction isn't cheap and never will be.

But we can stop adding fees and process. A sizeable percentage of the cost of any unit is design review and rigorous land use permitting (including holding costs, design costs, etc.), and fees. Easing those a bit would help. (The fees mostly go to affordable housing, but EVERY renter in Seattle pays because the fees are pushing market rates up, for a relatively minimal number of affordable units...it's very counterproductive.)

Allowing accessory units would go a long way. There's no reason other than nimbyism stopping this. People would get cheap housing and homeowners would get help with their mortgages. It's win-win.

Cutting parking requirements for new buildings has helped quite a bit. The closer to the core the less parking is typically wanted by the residents, especially if they're charged separately for it. So people without cars have that option.

The City shouldn't have restricted micro units so much. A lot of baristas, retirees, admin assistants, students, etc. would love to have a "dorm room" or full studio smaller than is allowed, because then they could skip the commute, not have a roommate, have stuff that works, etc. It's not for everybody but these places are popular. Nimbys got their way. So change that.

And continue to fund low-income units with the levy etc.

The micro apodments was a great idea. Many people would be tickled pink to have one of those. Is there any meeting or organization that i could go to or even city seattle city council meetings? I have some ideas that i could share.

[Ruth4Truth]

OP, if you have enough saved up for a condo downpayment, why not go through with that? Then your rent would go toward ownership instead of to your landlord.

IDK about rents in Lynwood being the same as Northgate; I have a friend renting in Lynnwood, a 1-br. place, and she's paying a lot less than you are. She's paying under $1000. In Lynnwood you can get 2 br. places for what new 1-br. units in your building are renting for. And Lynnwood & Everett are well-served by public transit; there are commuter buses into Seattle. I'm not sure where you're getting your info about life out there. But it might be best for you to get a condo, because prices will only be going up over time, while your salary won't be, much.

I don't know about tech businesses in Seattle, but Microsoft hires anybody who can do the job. They vacuum up talent wherever they can find it, without regard to race or culture or level of attractiveness, lol! That's strange about Amazon only hiring model types.

Are you aware that the apodments are basically roommate situations? They're designed a lot like university dorms, where everyone has their own room clustered around a kitchen and shared living room. The difference is, apodment roomies each have their own private bath. They're not micro-apartments; they're dorms. There are other buildings that do have independent micro-units with their own kitchenette, but I don't think those are called "apodments". They're actual apartments.