Residential Housing Newsletter #85
Welcome to the 85th issue of our WA residential housing newsletter!
Here's what happened this week:
Local
WA Supreme Court Vacates Writ of Restitution in Unlawful Detainer Case for Non-Payment of Rent
A King County landlord correctly served a notice to pay or vacate in April 2024. The King County Superior Court granted a default judgment and ordered a writ of restitution but the resident was able to get the writ reversed on appeal.
(Justia)
WA Governor Ferguson Approves $78 Billion Biennial Spending Plan
Governor Bob Ferguson signed the $78 billion two-year budget on Tuesday, which raises state spending by more than 8%, or $6 billion over the current two-year budget, while raising taxes by over $9 billion.
(KOMO News)
Bill Prohibiting Oregon Landlords from Asking About Immigration Status Heads to Governor
The Oregon House voted 36-15 to pass SB 599, a bill that would prevent landlords from asking about tenants’ immigration status. SB 599 now heads to the Governor's desk for a signature, after which it would become law.
(The Hill) (SB 599)
11 Seattle Families Formed Co-Op to Build 35-Unit Apartment Building
Eleven Seattle families joined together to build an apartment building on a plot of land in the Phinney Ridge neighborhood with 11 units for themselves and 24 units rented out to others. Shared Roof was completed in 2023.
(Fast Company)
Developer Backed By Bill Gates Plans to Build 1,300 Residential Units in Woodinville
Green Partners LLC, part of Bill Gates' Kirkland-headquartered Cascade Investment, is planning to build 1,300 units of residential housing and 89,000 square feet of commercial space in Woodinville at a cost of about $700 million.
(Puget Sound Business Journal) (Archive)
New Laws That Aim to Boost Housing Across Washington State
Newly-signed laws to boost housing aim to increase density near transit stations, reduce permit timelines, cut parking requirements, and make it more challenging to designate historic landmarks, among other changes.
(Axios)
PNW Multifamily Moves
Renting a Single-Family Home in Seattle Requires $125K Annual Salary
Nation and World
AI Phone Receptionist Can Handle Emergency Maintenance Orders and Leasing Questions
Vendoroo launched a video interview of their new AI receptionist Lisa, which takes calls with residents at all hours, files emergency maintenance requests, answers leasing questions, and more, all while sounding human on the phone.
(Vendoroo)
Zillow to Start Blocking Noncompliant Listings on June 30th
Zillow is rolling out new listing rules. If a listing is published on Zillow, it must be public and available everywhere, including MLS platforms. Zillow will begin blocking noncompliant listings starting June 30th.
(Zillow)
Colorado Lawmakers Hope New Law Will Break 15-Year Condo Logjam
A steady rise in construction defect lawsuits over the last 20 years has made condos in Colorado largely uninsurable and financially unworkable. A new law could make building condos in CO less risky for builders and insurers.
(BisNow) (Archive)
Property Manager Vs. Asset Manager: What Every Investor Should Know
Multifamily management companies need a range of employees to keep the business running. While property managers and asset managers have some overlapping functions, capturing the synergy between roles increases value.
(Forbes)
NYC Startup Helps Big Apple Renters Find New Rent-Stabilized Apartments
Most people in New York City dream of finding a rent-controlled apartment, but some landlords try to hide listings. RentReboot alerts users when units in buildings on the city's rent-stabilized list are newly listed for rent.
(Business Insider) (Archive)
L.A. Investment Firm Acquired 76-Building, 1,770-Unit Portfolio for $540 Million
Los Angeles-based investment fund PCCP, which manages $25.3 billion in assets, acquired a portfolio of 76 Bay Area apartment buildings comprising 1,770 units for approximately $540 million, or about $305,000 per unit.
(Los Angeles Times)
Redfin Expects U.S. Home Prices to Drop 1% by Year End
