“First and foremost, we need to help the folks who are chronically homeless on the streets because they have the greatest need,” Chopp said. “And we also know why they are homeless, but they have medical conditions that have been part of their struggles. So that’s the first priority. There is also Workforce Housing, which is for lower-wage workers who are doing the work for all of us downtown or in various places, whether they’re janitors or cooks.
The project cost $177.6 million. And I can tell you it’s definitely a million-dollar view. The question is, will buildings like this visibly change the homeless problem? And is there enough money to build them?is that private investors get a federal tax break for raising part of the money, and the land for the project had already been paid for by Sound Transit.
If you’re wondering about the cost – the numbers I got from the project website show the total cost of the building– was $177.6 million.If, as a landlord, I wanted to get, say, a 4% return on that, I’d need to charge each tenant $1,644 a month.
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