Legislative Initiative IL25-846 “Rent is Too Damn High” is an Act to improve housing stability for tenants subject to the residential landlord-tenant act and the manufactured/ mobile home landlord-tenant act by:
- Limits annual monthly rent increases to 3%;
- Requires notice of rent and fee increases;
- Limits fees and deposits;
- Establishes a landlord resource center and associated services;
- Authorizes a tenant lease termination option;
- Creates parity between lease types; and
- Provides for attorney general consumer protection.
After gathering sufficient signatures (324,516) our Initiative will go before the January 2025 Legislature for passage as is, for their potential alternative bill, or if they don’t pass it we can advance it to the November 2025 ballot for the People to vote on and decide.
The housing crisis is not simply a lack of housing, it is also unchecked astronomical rent increases leading to Washington’s disgraceful distinction among the top five states for homelessness—with elders 62+ and children the fastest growing homeless demographics.
Research data findings:
- Tragically, due to the housing/rent crisis—elders are the fastest growing homeless demographic as documented in the annual Harvard University Joint Center for Housing Studies Report. The State of Nation's Housing 2024
- According to the Private Equity Stakeholder Project’s “Private Equity Risk Report” Washington scores among the highest, nationally, for private equity ownership including in housing. https://privateequityrisk.org/state/washington/ The housing market saw a sharp departure from "mom and pop" landlords to a more than 46 percent increase (2018-2022) in institutional investor housing purchase and private equity acquisition of rental properties. This has contributed to skyrocketing rents unsustainable by lower-income seniors on fixed incomes and lower and middle-income employed citizens who often work two and three jobs to remain housed.
- Single-family construction has dramatically increased while multi-family construction has dramatically and continues to decline.
- A new report finds the number of homeless students in Washington's school system steeply climbed last year. Data from the Washington Office of Superintendent of Public Instruction shows that 3.8 percent, or 42,436 Washington students were homeless during the 2022-2023 school year. This is considered an undercount!
Counter-arguments:
- Increased property taxes as argument against the Initiative rent cap: King and other counties have significantly decreased taxes this year. Thurston County property tax increases percentages were lower than other counties last year and though increased this year—most are in the single digits. That said, even with a property tax increase this year—it doesn't justify the astronomical and unaffordable rent increases of 20-50% imposed on tenants, especially vulnerable elders on low fixed incomes. As our IL25-84 Initiative notes–the elderly 62+ are the fastest growing homeless population. And Washington is in top five states for homelessness. And as documented by the Superintendent of Public Instruction, more than 42,000 homeless children in Washington is unacceptable! Landlords need to address property taxes with the Assessor where they can “appeal” them.
- Rising insurance costs: These impact renters as well. It doesn’t justify rents putting grandma out on the street. Demand that Congress lower interest rates and place limits on private equity rental price-fixing.
Secretary of State's Initiatives and Referenda site to see Initiative IL25-846:
Scroll down to: IL25-846 ... Kyle Lucas (as sponsor) ... Rent is Too Damn High. There you can see the list of co-sponsors and read the official summary statement by the Attorney General's Office and then also hit the link to the Initiative to easily read the text.
https://www2.sos.wa.gov/elections/initiatives/initiatives.aspx?y=2024&t=l