A few weeks ago, you may recall, a bill was being proposed in the state legislator to spend away much of the state revenue gained thanks to the real estate boom. Yesterday that bill passed the House.
OLYMPIA — The House approved a $100 million expansion of the state’s housing program Saturday.
The proposal would pump $25 million into the Housing Trust Fund from the state treasury each year for the next four years.
The money would go for rental vouchers for low-income people, services to the homeless, housing for victims of domestic violence, weatherization projects, farmworker housing and development of affordable housing.
“The increasing gap between incomes and housing prices has led to a major housing crisis in our state,” said Rep. Larry Springer, D-Kirkland, the prime sponsor.
“Much of the additional state revenue we have seen this past year is directly linked to the real-estate boom. It only makes sense that we reinvest this money to offset the high price of housing.”
Actually, it only makes sense to me to save the money for the proverbial rainy day, when the bubble finally bursts. But hey, that’s only one of many reasons I’m not a politician.
(David Ammons, Seattle Times, 02.12.2006)