9malls

𝐓𝐇𝐄 𝐄𝐀𝐒𝐓𝐒𝐈𝐃𝐄 𝐋𝐔𝐗𝐔𝐑𝐘 𝐌𝐀𝐑𝐊𝐄𝐓 𝐉𝐔𝐒𝐓 𝐁𝐋𝐈𝐍𝐊𝐄𝐃 — 𝐀𝐍𝐃 𝐈𝐓 𝐋𝐎𝐎𝐊𝐒 𝐀 𝐋𝐎𝐓 𝐋𝐈𝐊𝐄 𝐂𝐀𝐏𝐈𝐓𝐀𝐋 𝐅𝐋𝐈𝐆𝐇𝐓. Open Zillow in Bellevue, Medina, Hunts Point, Clyde Hill, or Kirkland right now and you’ll see something the Seattle-area market has rarely experienced at this scale: A surge of ultra-luxury listings hitting all at once. And the timing is impossible to ignore. In March 2026, Washington Democrats approved the largest expansion of state-level wealth and income taxation in modern state history: — 9.9% income tax on household income above $1 million — 1% annual tax on certain financial assets above $100 million — Capital gains tax increased from 7% to 9.9% for gains above $1 million Economists warned for years that highly mobile wealth would respond quickly once Washington abandoned its long-held no-income-tax structure. Now the market is reacting in real time. Luxury inventory across King County has surged, especially in the $5M+ category. Realtors are increasingly discussing residency shifts, secondary-home conversions, and “lock-and-leave” strategies as high earners evaluate tax exposure under Washington’s residency rules. This matters because Washington’s economic engine is unusually dependent on a small concentration of high-income tech leadership and equity compensation. Microsoft. Amazon. T-Mobile. Starbucks. The executives, founders, investors, and senior engineers who built the Eastside economy are also the exact taxpayers most capable of relocating assets, residency, and future investment activity. That is the central gamble Olympia just made: Can Washington collect significantly more revenue from high earners before enough of them change domicile, investment behavior, or business expansion plans? Over the next several quarterly revenue reports — and over the next few Bellevue luxury-market cycles — we’re going to find out. One thing is already clear: When policymakers target highly mobile wealth, the first signals often appear in luxury real estate inventory long before they appear in official tax receipts.

Yes, your rent went up. Seattle rents are up over 45% in the last 15 years. And wages haven't kept pace. Homelessness is a policy failure, not an inevitability. We know what works. We just have to fight for it.

𝐓𝐇𝐄 𝐄𝐀𝐒𝐓𝐒𝐈𝐃𝐄 𝐋𝐔𝐗𝐔𝐑𝐘 𝐌𝐀𝐑𝐊𝐄𝐓 𝐉𝐔𝐒𝐓 𝐁𝐋𝐈𝐍𝐊𝐄𝐃 — 𝐀𝐍𝐃 𝐈𝐓 𝐋𝐎𝐎𝐊𝐒 𝐀 𝐋𝐎𝐓 𝐋𝐈𝐊𝐄 𝐂𝐀𝐏𝐈𝐓𝐀𝐋 𝐅𝐋𝐈𝐆𝐇𝐓. Open Zillow in Bellevue, Medina, Hunts Point, Clyde Hill, or Kirkland right now and you’ll see something the Seattle-area market has rarely experienced at this scale: A surge of ultra-luxury listings hitting all at once. And the timing is impossible to ignore. In March 2026, Washington Democrats approved the largest expansion of state-level wealth and income taxation in modern state history: — 9.9% income tax on household income above $1 million — 1% annual tax on certain financial assets above $100 million — Capital gains tax increased from 7% to 9.9% for gains above $1 million Economists warned for years that highly mobile wealth would respond quickly once Washington abandoned its long-held no-income-tax structure. Now the market is reacting in real time. Luxury inventory across King County has surged, especially in the $5M+ category. Realtors are increasingly discussing residency shifts, secondary-home conversions, and “lock-and-leave” strategies as high earners evaluate tax exposure under Washington’s residency rules. This matters because Washington’s economic engine is unusually dependent on a small concentration of high-income tech leadership and equity compensation. Microsoft. Amazon. T-Mobile. Starbucks. The executives, founders, investors, and senior engineers who built the Eastside economy are also the exact taxpayers most capable of relocating assets, residency, and future investment activity. That is the central gamble Olympia just made: Can Washington collect significantly more revenue from high earners before enough of them change domicile, investment behavior, or business expansion plans? Over the next several quarterly revenue reports — and over the next few Bellevue luxury-market cycles — we’re going to find out. One thing is already clear: When policymakers target highly mobile wealth, the first signals often appear in luxury real estate inventory long before they appear in official tax receipts.

Celebrating the largest small business tax cut in state history thanks to the Millionaires' Tax. Happy Small Business Week!

🧵EXCLUSIVE: Sound Transit, which is massively over budget & perpetually behind schedule, is rolling out a series of ads on May 7 calling Washingtonians "Mindless" zombies for driving The agency is so badly run that it is $20-30 billion over budget despite gouging taxpayers