Residential Housing Newsletter #70

by LandlordSolutions

February 7, 2025

Welcome to the 70th issue of our WA State residential housing newsletter! Here's what happened this week:

Local

City of Cle Elum Moves to Declare Bankruptcy

Cle Elum's City Council approved a resolution last week that allows the city to file for bankruptcy in the aftermath of an $22 million ruling resulting from a decade-old development dispute. Cle Elum's 2025 budget is $5 million.

(Cascade PBS)

WA Commerce Releases Updated Housing Trust Fund Handbook

WA Commerce’s Multifamily Housing Unit (MHU) released an updated?Housing Trust Fund?Handbook, which contains?guidelines?for state-funded affordable housing properties and rules for administering housing programs.

(WA Commerce)

Tacoma Behind on Buiding Affordable Housing, Developers Blame 'Sluggish' Permitting Process

Six years ago, the city of Tacoma set a goal to add 6,000 new affordable housing units to the city’s supply by the end of 2028. Today, the city is on track to reach less than half of that, with developers blaming the permitting process.

(Puget Sound Business Journal) (Archive)

Social Housing and More on February 11 Special Election Ballot

In one week, Washington voters will decide on a number of measures in a special election. There are 81 measures on the February?11 special election ballot across 32 counties, including a proposal to fund social housing in Seattle.

(KING5 News)

Opinion: Housing Stability in WA is About Much More Than Rent Control

Affordable housing in WA is riddled with crime, drugs, violence, and other challenges. Rent control is on the ballot this year in Olympia. If it passes, will it help housing providers maintain a safe and secure environment for residents?

(Seattle Times Opinion) (Archive)

Seattle-Area First-Time Homebuyers May Not See Much Relief This Year

Only four U.S. home markets are less affordable than Seattle: San Francisco, San Jose, Los Angeles, and New York. First time homebuyers in Seattle are "locked out" of the market, and the situation is unlikely to ease in 2025.

(Seattle Times) (Archive)

Seattle's Office Vacancy Hits Record High

The office market in most of the Puget Sound is stabilizing, with one major exception—the City of Seattle. Office vacancy reached 30% at the end of January 2025, hitting a record high since records began in 1982.?

(Axios)

PNW Multifamily Moves

• 230-Unit Apartment Complex in Pierce County Sells for $40.7M
• 29-Unit?Apartment Building in Renton Listed for Sale for $8.5M
• 165-Unit Apartment Community?in Everett Sells for $49M
• 126-Unit 'Mass-Timber' Apartment Building in Seattle Listed for Sale
• 81-Unit, $51.8M?Affordable Housing Project Breaks Ground Near Portland
• 775-Unit Mixed-Use Development Opens in Seattle

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Nation?and World

Iowa Supreme Court Rules 30-Day CARES Act Requirement for Evictions Has Expired

Last week, the Iowa Supreme Court unanimously ruled?that the federal rule to provide 30-days notice for evictions?under the COVID-era CARES Act was temporary and is no longer in effect. Now state law will govern evictions again.

(Des Moines Register)

Scott Turner Confirmed as New HUD Secretary

Former NFL player Scott Turner was confirmed by the Senate as the new Secretary of the U.S. Department of Housing and Urban Development in the Donald Trump administration by?a 55-44 vote.?

(Associated Press)

Trump Tariffs Could Add $29,000 to Price of a New Home

Trump’s proposed 25% tariffs on goods from Canada and Mexico (delayed until March) and a 10% levy now in effect on products from China?could make the price of building a typical home rise by as much as $29,000.

(Bloomberg) (Archive)

CA Governor Newsom to Lift Price Caps for New Rentals in Wealthy L.A. Neighborhoods

California Gov. Newsom has lifted a price cap on new rental listings for some single-family homes in Los Angeles, responding to concerns that the rules had been restricting the availability of housing in the wake of last month’s wildfires.

(Los Angeles Times) (Archive)

'Branded' Rental Buildings on the Rise

Apartment buildings branded with luxury brand names like Armani, Bulgari and Aston Martin have sprouted up?in major global metros, but?automaker Fiat is pioneering?consumer-branded?affordable housing with a building in New Jersey.

(Wall Street Journal)

Former Virginia Prison Converted to Apartments

Liberty Crest Apartments in Virginia was formerly called the Lorton Reformatory, a prison built in 1910.?The complex now includes 165 apartments (of which 98% are leased), 157 town homes, and 24 single-family homes.

(Seattle Times) (Archive)

Home and Condo Prices Rise in King County