The land use tax might work, however it will punish the non-wealthy corporations, small businesses, etc. I think Seattle's problem has an even easier, obvious solution that the state of Washington, pretending to be more liberal than it is, refuses to enact: an income tax on the rich.

A very modest tax on the highest income tiers, provides the funding necessary to build new low income housing, keep improving transportation, and to combat homelessness, while not negatively targeting the jobs for the non-rich.

They have a very nice, gilded problem, of trying to not die from economic gorging. The people of Seattle should be putting their considerable resources behind aggressive lobbying in the state, to convince voters to enact a state income tax.