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Originally Posted by alki
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The article misses some things.
Their apartment inventory number is a subset, not the whole apartment inventory. They quote a brokerage, and probably used the brokerage's count from buildings above a certain size (often 20+ units is used) and who respond to surveys. Seattle has about 160,000 multifamily units.
Second, like most articles on our apartment boom, they neglect to mention that very few condos are going up, and the overall construction volume, while a record, isn't that far out of the ordinary.
Third, while Seattle's in-city housing boom is a record, the region's total housing construction is pretty middling. It's just that a larger percentage of it is within the city limits.
Fourth, they apparently omitted dorms. The UW is going beserk with dorms.
Fifth, a small point is that we have probably a couple dozen buildings of the "rooming house" type, where they get permits as a "five" unit project and therefore doing have to go through the tougher process of a larger building, but each unit has perhaps eight bedrooms rented separately. This is a fantastic way to provide affordable housing. These count as 5 units, not 40. I suppose we'll have a lot of 9-person households in the coming years. (The market found a way to provide low-income housing?! Shocking! Naturally the City Council has a hearing planned, and appears likely to close at least part of the loophole that makes these possible.)