Latest news with #SenateBill5222
Yahoo
27-02-2025
- Business
- Yahoo
WA bill putting limits on rent increases advances in state Senate
Washington state lawmakers are moving forward on a bill looking to limit how much landlords can raise rents each year. Washington Senate Bill 5222 would cap rent increases at 7% and prevent landlords from raising rents at all during a tenant's first year. That means if you're paying $2,000 each month in rent, your landlord would be capped at raising your rent beyond $140 the next year. Supporters argue the bill is necessary to keep people in their homes during a housing crisis. 'This bill simply provides some commonsense guard rails to say that landlords can't raise the rent at an excessive level, while they still can raise the rent, make a fair return and invest in the property,' said WA Sen. Emily Alvarado (D), who represents the 34th District. Opponents argue that these regulations could push developers away from Washington, slow maintenance projects at rental properties and hurt mom-and-pop landlords who rely on rental income. 'It's not that I'm not sympathetic to people that have had issues paying rent,' said WA Sen. Keith Goehner (R), ranking member of the Senate Housing Committee. 'It is tough to do that. But what's even worse is having housing basically go away.' A companion bill in the House, HB1217, is moving forward too. Across major cities in the region, Seattle has the highest average rent price, according to Zillow Rental Data. Average rent in Seattle across all size units is $2,017. In Olympia, it's $1,870. Everett renters pay an average of $1,834, while Tacoma renters pay an average of $1,685. Rents have increased over the last 12 months in Seattle (up $22) and Tacoma (up $60). They've dropped in Olympia (down $97) and Everett (down $16), according to Zillow. Tacoma renters we spoke to said they'd welcome limits to help curb rising rents. 'It definitely makes things more tight for sure,' said Tyler Cook. 'Originally there's a lot of extra money. Now, there's definitely a lot less extra money.' 'I hope it will keep people wanting to live in this great city,' said Molly Pollock.
Yahoo
19-02-2025
- Business
- Yahoo
Rent cap bill moves ahead in WA Senate
Sen. Jessica Bateman, chair of the Senate Housing Committee, leads a meeting Wednesday, Jan. 15, 2025, at the Washington state Capitol in Olympia, Wash. (Photo by Ryan Berry/Washington State Standard) A bill to cap yearly rent increases cleared another obstacle in the state Senate on Wednesday. A year after a similar bill died in the Senate Housing Committee, the panel approved legislation that limits annual rent hikes to 7% for tenants across the state. Last year, one senator on the committee refused to vote yes or no on the policy, effectively killing it. This year, there are new — more progressive — faces on the committee, which helped solidify Wednesday's passage. Sen. Jesse Salomon, D-Shoreline, was the lone Democrat who did not approve the measure, voting 'without recommendation.' The proposal still has a ways to go before becoming law, but with the committee vote, it is becoming clearer that Democrats may have the support they need in the Legislature to get it across the finish line. Senate Bill 5222 prohibits landlords from raising rent and fees more than 7% during any 12-month period. They could set the rent at whatever level they want at the start of someone's tenancy. The bill also requires landlords to give 180 days notice before an increase of 3% or more and limits some move-in and deposit fees. There are some exceptions, including buildings operated by nonprofits and residential construction that is 10 years old or less. Supporters of the proposal say it is necessary to help keep people avoid homelessness, but opponents say it may disincentivize new development at a time when Washington needs more housing. Sen. Keith Goehner, R-Dryden, said he is sympathetic to renters who face high increases. 'But what's even worse is having housing just go away,' Goehner said. Supporters of the policy disagree with that assessment. 'We can both build more housing and stabilize tenants today,' Sen. Emily Alvarado, D-Seattle, said. 'This bill simply provides some common sense guardrails that say landlords can't raise the rent to an excessive level.' The Senate bill now heads to the Ways and Means Committee for further consideration. Meanwhile, in the House, where the bill passed last year, the policy has cleared two committees and is awaiting a vote on the floor.
