- City Council
- United States of America
High vacancy rates and unsold units lower property values. Approving additional building permits doesn't help. Condo buildings have been changed into apartment buildings due to low sales (examples: Rollin, Equinox, Moda), further lowering property value. Lower property value can lead to higher crime.
The city council does not use current homeowners and their property value as criteria for approving new permits. There is a huge surplus already as shown by some local building capacity: Marselle 30%, Olive 8 22%, Enso 60%, FifteenTwenty One & Next 70%, Escala less than 1%. Many other projects have been scrapped for now like the Starwood, the big hole downtown which was filled in to be a parking lot again, Pagoda & Heron foreclosed, Icon Tower site for sale, Insignia on hold. All of which on sites already with outstanding permits which may be reenacted.
The city should fill its existing units and complete its current projects before issuing even more building permits.
We, the undersigned, request that the permit for 2030 8th Ave be denied (permit for a 400 ft. building with 350 residential units).
We believe that further development into an unoccupied condo surplus area will further lower property value.
We understand that the city council doesn't use possible economic impact like this as criteria for approving new permits. This is wrong! These elected officials should care about their own constituents' financial well-being. The city should fill its existing units and complete its current projects before issuing even more building permits.
The Make Property Values Matter in Seattle petition to City Council was written by Tom Stockwell and is in the category City & Town Planning at GoPetition.