According to the WMFHA, beginning at 8:00 am Thursday, January 21, the Senate Housing & Local Government Committee will consider SB 5139. The bill will prevent any rent increases for the six months following the end of the eviction moratorium and then permit only a 3 percent plus CPI (~4.9%) annually from rent on March 1, 2021.
The association issued the following statement and issued a call for action link:
This proposal will be devastating to the ability of housing providers to provide rental housing. It will create numerous artificial barriers to providing sufficient units to meet the demands of all who choose to call Washington home.
Use your voice to oppose rent control now by clicking the button below to send a message to your Senator urging them to oppose rent control.
This proposal will:
- Divert investment in housing to more favorable housing markets in other states
- Reduce the number of homes that will be built over the next 10 years by 11 percent
- Reduce investment in housing by more than $3.5 billion
- Reduce employment in skilled labor and trades
- Eliminate more than $200 million from property tax revenues
- Eliminate more than $301 million from sales tax revenues with significantly fewer apartments created
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