The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

RealTrending: eXp’s Glenn Sanford reveals what’s next for company

CEO of eXp World holdings addresses his critics about his agent referral program, where he is taking the company next and growth limiters for the brokerage.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

Mortgage servicers take steps to support borrowers amid COVID

Call volumes have spiked to a level not seen since last April, lenders and servicers need to prepare for a significant increase in their workload as they help borrowers through difficult times.

InvestmentsReal Estate

Seattle mayor wants to fund affordable housing by raising taxes on Lyft and Uber rides

A 51-cent tax would fund 500 housing units

Seattle wants to build more affordable housing. And to get that mission accomplished, the Emerald City could turn to rideshare services for the funding.  

Lyft and Uber riders in Seattle could see a potential 51-cent tax rise in fares after a proposal was made by Mayor Jenny Durkan last week. There is already a 24-cent fee for the rideshare consumer in Seattle. 

According to the Seattle Times, the total fee of 75 cents would still be less than a $2.75 fee in New York City, similar to a 72-cent fee in Chicago and higher than the 20-cent fee in Massachusetts.

Over the next five years, this proposal would put $52 million towards affordable housing, and build more than 500 housing units near transit, intended for people making between $15 and $25 per hour. 

Unsurprisingly, the rideshare companies (at least one of them) are unhappy with the proposal, arguing that the tax will increase costs for riders.

"Fifty-one percent of Seattle Lyft rides start or end in low-income areas, and the Mayor's regressive tax would increase the fees they already pay by 300%, making it the most taxed rideshare city in the country," Lyft spokeswoman Lauren Alexander said in a statement, according to SeattlePI.

In January, Microsoft pledged $500 million in an effort to fund affordable housing in the Seattle area. According to the Wall Street Journal, $475 million will fund construction loans for affordable housing in the area over the next three years and the other $25 million will fund grants to address homelessness.

Median home prices in the Seattle area have spiked 96% from 2011 to 2018, and median household income has risen 34%. Microsoft estimated there was a shortage of more than 300,000 housing units available for middle- and low-income families. 

The proposal would also put $56 million towards funding the Center City Connector Streetcar and $17.75 million for a new Driver Resolution Center. 

As soon as next July, a minimum pay rate for Lyft and Uber drivers could also go into effect, pending city council approval. 

Most Popular Articles

Millions will enter housing market in 2021: Zillow

Up to 2.5 million households could enter the housing market in 2021, per Zillow. The buyers will descend on the “secondary cities” across the U.S.

Apr 07, 2021 By

Latest Articles

Fannie Mae exec Andrew Peters leaves for Lenderworks

Andrew Peters, bound for mortgage vendor Lenderworks, becomes the latest Fannie Mae exec to leave the GSE in the last six months.

Apr 12, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please