Residential Housing Newsletter #75

Mar 14, 2025

Welcome to the 75th issue of our WA residential housing newsletter!

Here's what happened this week:

Local

Rent Control Bill Passes Out of WA State House

The Washington State House of Representatives voted 53 in favor and 42 against (with 3 excused) to pass HB 1217. The Senate will hear the final bill, which caps rent increases at 7% per year (among other things), on March 19th.
(Cascade PBS)

Pierce County to Spend $17M Raised from New Sales Tax on Affordable Housing

Pierce County has announced $17 million in affordable-housing investments made possible by revenue from the Maureen Howard Affordable Housing Sales Tax. The funds will go to local housing authorities and non-profits.
(Tacoma News Tribune) (Archive)

Seattle-Based Redfin Acquired By Rocket Companies for $1.75B All-Stock Deal

Real estate listing platform Redfin will be acquired by Detroit-based Rocket Companies for $1.75 billion in stock. Redfin laid off 400 employees in February. Rocket aims to boost its mortgage business with the acquisition.
(Rocket Companies) (CNBC)

WA Housing Advocates Fear HUD Cuts Will Lead to Closure of Seattle Regional Office

The Trump administration's cuts to government spending include slashing the budget for the U.S Department of Housing and Urban Development (HUD). Employees at HUD's Seattle regional office fear that it may close, too.
(Cascade PBS)

Oregon Bill Would Prevent Landlords from Asking About Immigration Status

Oregon lawmakers are considering a bill that would make it illegal for landlords to inquire about a potential renter's immigration status or deny them the ability to rent a home based on the landlord’s perception of their immigration status.
(Oregon Live)

King County Condo Sales and Prices Jump Amid Return-to-Work Policies

In February, 1,047 condo sales closed or were pending, up 25% from Feb. 2024, while single-family home sales fell slightly. Median condo prices rose 11% over Feb. 2024 to $612K, while single family homes stayed flat at $915K.
(Puget Sound Business Journal) (Archive)

Airbnb Boom Inflates Housing Prices in Remote WA Mountain Resort Town

When COVID hit, the mountain town of Glacier, WA saw a spike in Airbnb properties. Locals and workers say this trend has made it all but impossible to find decently-priced housing options in the tiny resort town.
(Cascade PBS)

PNW Multifamily Moves

Webinar: Fair Housing Compliance and Enforcement

Nation and World

Chicago Landlord Fined $80K for Threatening to Call ICE on Tenants

A Chicago landlord who threatened to call immigration authorities on a couple who rented an apartment from him in 2020 has been fined $80,000. The couple sued the landlord under the Illinois Immigrant Tenant Protection Act.
(NBC Chicago)

FTC, Colorado Sue Greystar for "Deceiving Consumers About Rent Prices"

The Federal Trade Commission and the State of Colorado have sued Greystar, the nation’s largest multi-family rental property manager, for deceiving renters about monthly rent costs by adding numerous fees on top of advertised prices.
(Federal Trade Commission)

FCC Rules Landlords Can Force Bulk Internet Service on Residents

New FCC chair Brendan Carr will allow landlords to make bulk billing agreements with ISPs that would make residents pay for internet, cable, and/or satellite television from a specific provider even if the tenant doesn’t want them.
(The Verge)

Nevada Bill May Allow Tenants to Withhold Rent if Landlords Don't Make Fixes

Nevada AB 223 would give tenants more power to hold landlords accountable for failing to provide livable conditions by filing a complaint with the court and depositing rent into a court escrow account instead of paying to the landlord.
(Nevada Current)

Texas Bill May Targeting Squatters May Make it Easier to Evict

Texas House Bill 32 would give landlords a path to obtain an eviction judgment without going to trial. Landlords could seek an automatic ruling in their favor without a hearing if there are “no genuinely disputed facts” in the case.
(Texas Tribune)

Average Monthly Rents in Downtown Chicago Spike Above $3K Per Month for the First Time

Rents in downtown Chicago have hit record highs amid a crunch in rental housing supply. Average rents in downtown Chicago broke $3,000 per month in 2024, rising 28% above 2023 prices. Rents may spike further in 2025.
(The Real Deal) (Archive)

HUD Considering Cryptocurrency Trial Run

The U.S. Department of Housing and Urban Development is reportedly considering using cryptocurrency as a way of tracking HUD grants. The reports claim that a "stablecoin" pegged to the U.S. dollar will boost transparency.
(ProPublica)

HUD May Cut $1 Billion Affordable Housing Financing Program

The $1 billion Green and Resilient Retrofit Program, which funds upgrades for aging affordable housing, may be axed as part of government cuts. Participating properties are required to remain affordable for 25 years.
(ABC News)

New California Law Will Require Landlords to Take Photos for Move-In/Move-Out Documents

Starting in April 2025, a new law will require landlords who ask for a security deposit to take high-res photos of the unit before move-in and after move-out in order to give proof of any damage claims deducted from the deposit.
(FOX5 San Diego) (AB 2801)

AI-Powered Mortgage Lending Startup Raises $20 Million Led By Progressive Insurance

Tomo Mortgage, an AI-powered digital mortgage lender, raised a $20 million Series B funding round led by Progressive Insurance. Tomo claims their AI saves clients $4,000 on closing costs and secures a 0.5% lower interest rate.
(PR Newswire) (Tomo Mortgage)