Residential Housing Newsletter #68
Welcome to the 68th issue of our WA State residential housing newsletter! Here's what happened this week:
Local
Statewide Rent Control Clears House Executive Session and Senate Housing Committee
Statewide rent control will head to the floor of the State House (HB 1217) after clearing Executive Session. The Senate version (SB 5222) cleared the Senate Housing Committee and is also expected on the Senate floor later this year.
WA Commerce Awards $94.4 Million to Build 1,282 Units of Affordable Housing Statewide
WA Commerce awarded $94.4 million across 27 state and federal funding recipients to help finance 1,282 units of new affordable housing in 12 counties across Washington. Total requests for funding topped $355 million.
Seattle-Based WaFd Bank to Exit Single-Family Mortgage Business, Lay Off 8% of Workforce
WaFd Bank is no longer accepting applications for single-family mortgages while continuing to serve its existing home loans and credit. The Seattle-based bank will also reduce staff by 8%, which affects about 174 people.
(WaFd) (Banking Dive)
Newly-Appointed Senator Alvarado Pushes Rent Control From Both State Chambers
Emily Alvarado (sponsor of House rent control bill HB 1217) moved from the House to the Senate in the state Legislature this week. She was vice-chair of the Senate Housing Committee vote for Senate Rent Control (SB 5222).
One Third Of Seattle Multifamily Units Managed by Landlords Using Price-Fixing Software
The Department of Justice added six national landlords to its lawsuit against RealPage over rental price fixing. Landlords who used RealPage's YieldPro manage about one third of Seattle rental units for buildings with 10+ units.
Bremerton Breaks Ground on Four-Block-Long Festival Street
The city of Bremerton broke ground for a four-block long festival space called Quincy Square in honor of legendary musician Quincy Jones, who grew up in Bremerton. The project aims to draw tourists and creatives to Bremerton.
Four WA Cities Make Uhaul's Top 25 U.S. Destinations for In-Migration
Spokane, WA was #24 on U-Haul's list of the top 25 metro destinations for one-way U-Haul trips. Three WA cities reached the top 25 cities outside of major metros, including Tukwila (#8), Tacoma (#19), and Vancouver (#19).
(U-Haul) (Seattle Times) (Archive)
PNW Multifamily Moves
Other WA State Housing Bills
Webinar: How to Draft a Notice to Comply or Vacate w/ Attorney David Britton
?? Friday, January 31 @ 12pm - 1pm
领英推荐
Here's a sneak peek at the topics we will cover in this upcoming webinar:
Nation and World
Trump Issues Executive Order to Bring Down Housing Prices and Boost Supply
Shortly after Donald Trump was inaugurated as the 47th president of the U.S., he passed a raft of executive orders. One executive order directed all relevant agencies to "lower the cost of housing and expand housing supply."
Maryland Lawmakers To Consider ‘Good-Cause’ Eviction Protections for Lease Renewals
Legislation will be formally introduced in Maryland that will ban housing providers with 5+ units from choosing not to renew a lease without just cause. Proponents argue no cause evictions disproportionately target Black people.
L.A. Wildfires Update
NYC Zoning Change May Lead to Nearly 10,000 New Residential Units in Midtown Manhattan
A new NYC plan seeks to change the zoning for 42 blocks of Midtown Manhattan, which could add 9,700 additional homes, including 2,900 designed to be affordable for moderate- or lower-income New Yorkers.
Barron Trump Opened a Real Estate Venture Firm in 2024 and Dissolved It After the Election
A firm linked to 18-year-old Barron Trump, named Trump, Fulcher & Roxburgh Capital, was incorporated in Wyoming in July 2024 and dissolved on November 14, 2024, days after Barron's father Donald Trump was elected president.
Trump Stacks Cabinet with Real Estate Execs
Donald Trump's incoming cabinet features real estate executives like Howard Lutnick (Commerce), Bill Pulte (FHFA), Scott Turner (HUD), Steve Witkoff (Middle East Envoy), and Charles Kushner (Ambassador to France).
(The Real Deal) (Archive)
Freddie Mac Multifamily Financing Volume Increases 34% in 2024, Reaches $66 Billion
Freddie Mac’s 2024 multifamily volume was up 34% over 2023, with production volume totaling $66 billion—$65 billion in multifamily financing and $1 billion in low-income housing tax credit (LIHTC) equity investments.
U.S. Apartment Affordability Improves