Bill Summary:

• AN ACT Relating to improving housing stability for tenants subject to the residential landlord-tenant act and the manufactured/ mobile home landlord-tenant act by limiting rent and fee increases, requiring notice of rent and fee increases, limiting fees and deposits, establishing a landlord resource center and associated services, authorizing tenant lease termination, creating parity between lease types, and providing for attorney general enforcement; amending RCW 59.18.140, 59.18.270, 59.18.170, 59.20.090, 59.20.170, 59.20.060, and 59.20.030; adding new sections to chapter 59.18 RCW; adding new sections to chapter 59.20 RCW; creating new sections; prescribing penalties; providing an expiration date; and declaring an emergency.

What the Bill says:

• It caps all rent increases to 7%: During the first 12 months after the tenancy begins; and (ii) During any 12-month period, in an amount greater than seven percent.

Our Summary Opinion:

• A cap on rents will be detrimental to the renters and the landlords. When property taxes and utility taxes go up, when insurances go up, when property management and payroll goes up there will be a huge move to evict residents that cannot afford the reset of base line rents in order to protect the investment of the landlord. Landlords will sell their investments and divert their money to other options for holding onto the financial gain they worked for years to achieve. Landlords will not have the money to maintain the properties people live in. There will be fewer rental homes. They will find a long list facing them to house themselves in a government owned apartment complex which has not yet been built.