Amid the mansions of tech billionaires and millionaires, the luxury stores and upscale eateries, Seattle is having an existential crisis.

There’s a deepening wealth gap and housing costs are soaring beyond the reach of many working people, including software engineers whose salaries average $120,000 a year (and those are U.S. dollars). And the question that’s being asked is: Is this a city only for the wealthy?

Sound familiar? Well, yes. But the solution that Seattle’s city council is trying is far more daring than anything politicians here have been willing to try.

Seattle council took the audacious step Monday of unanimously voting for an income tax that would apply only to the rich.