A new report from Downtown Seattle ***** ociation (DSA) claimed that Seattle lost thousands of jobs and significant property value in the years since implementing the "JumpStart" payroll tax in 2020.
Monday's report compared Seattle's status with its neighboring city, Bellevue, which has no comparable payroll tax or social housing tax, and found that while Seattle's workforce and property values have shrunk, Bellevue's has remained resilient.
"[S]ince 2020, what we have seen in downtown Seattle is not a 'jump start,' but instead, a slowdown," the report read. "Since being implemented, downtown Seattle has lost around 30,000 jobs. The office vacancy rate increased to 32% in the downtown core. And more than $10 billion in office value has been lost."
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It continued, "Meanwhile, in Bellevue, dating back to 2020, the city has seen more jobs come to its core, lower office vacancy, and the stability of office building values. This provides a stark tale of two cities and two tax environments just miles apart."
Monday's report compared Seattle's status with its neighboring city, Bellevue, which has no comparable payroll tax or social housing tax, and found that while Seattle's workforce and property values have shrunk, Bellevue's has remained resilient.
"[S]ince 2020, what we have seen in downtown Seattle is not a 'jump start,' but instead, a slowdown," the report read. "Since being implemented, downtown Seattle has lost around 30,000 jobs. The office vacancy rate increased to 32% in the downtown core. And more than $10 billion in office value has been lost."
Seattle About To Get Ny's Hammer-and-sickle Treatment. Socialism Is Coming Your Way
It continued, "Meanwhile, in Bellevue, dating back to 2020, the city has seen more jobs come to its core, lower office vacancy, and the stability of office building values. This provides a stark tale of two cities and two tax environments just miles apart."
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