Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

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

Better.com lays off LOs, secures $750M cash injection

Digital mortgage lender Better.com is laying off 9% of its workforce ahead of a $750 million cash injection from financial backer SoftBank Group.

Dec 01, 2021 By

Latest Articles

Who’s afraid of the PSPA?

Stakeholders are divided over whether, in light of proposed changes to its capital rule, the FHFA should retool its agreement with the U.S. Treasury and remove policies some say never belonged there in the first place.

Dec 06, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please