Amazon Shifted 14,000 Jobs to Bellevue as Seattle Lost 30,000 Downtown Positions

3 articles · Updated · MyNorthwest · Jun 18

Amazon has moved roughly 14,000 employees from Seattle to Bellevue, a shift highlighted in a new account of downtown Seattle’s 30,000 job losses since 2020.
Seattle’s 2020 JumpStart payroll tax is at the center of the debate: it applies to large employers with Seattle payroll above $9 million and workers earning at least $194,452, while Bellevue has no comparable tax.
Downtown Seattle now has about 32% office vacancy and office tower values down 48%—more than $10 billion erased—while downtown Bellevue’s office values rose 7%, according to data cited from assessors, CoStar and city forecasts.
About 70% of JumpStart revenue comes from 10 employers, and roughly $201 million originally pitched for housing and climate programs has been shifted into Seattle’s general fund to help cover a $150 million-$200 million deficit.
The fallout extends beyond downtown: as office values slump, King County’s residential share of the property-tax base has risen from about 65% to 83%, shifting more of the burden onto homeowners across the county.