A new report from the Downtown Seattle Association (DSA) claims that Seattle lost around 30,000 jobs and more than $10 billion in office value since implementing the JumpStart payroll tax in 2020. The report compared Seattle’s status with its neighboring city, Bellevue, which has no comparable payroll tax or social housing tax.

Comparison with Bellevue

The report found that while Seattle’s workforce and property values have shrunk, Bellevue’s has remained resilient. Bellevue experienced a 7% increase in assessed value compared to the 48% decrease seen in Seattle office properties. Seattle’s office vacancy rate is also significantly higher at 32% compared to Bellevue’s 24%.

The DSA report claimed that Bellevue’s more favorable tax climate has made it increasingly attractive to employers and investment relative to Seattle. Seattle Mayor Katie Wilson defended the city’s JumpStart Payroll Expense tax, stating that it is a key reason why the city was able to successfully bounce back from the worst economic impacts of COVID.

Original reporting: Fox News (HLL/CB) — read the source article.