The Rental Market is in Crisis: It's Time for Action!
Tenants face a rental market spiraling out of control, with millions of renters facing increasingly unaffordable rents and homelessness. Something must change—and that change starts now.
The Facts:
- Over a Third of Americans are Renters: Yet, tenant concerns are grossly underrepresented in legislative halls, where most lawmakers are homeowners. As a result, tenant protections are often a low priority for both state and federal representatives.
- Corporate Takeover of Rental Housing: Since the last financial crisis, rental properties have increasingly fallen into the hands of corporations and private equity investors. These landlords are driven by profit, not by a sense of community or social responsibility, leaving tenants at their mercy.
- Government-Backed Corporate Landlords: Ironically, corporate landlords often benefit from government-subsidized loans through entities like Fannie Mae and Freddie Mac. These taxpayer-funded programs help them, not the struggling renters, increasing profits while renters face impossible living conditions.
- Rents are Skyrocketing While Wages Stagnate: In recent years, rental inflation has far outpaced income growth. It's now common to see rent increases of 18%, 30%, or even 50%, forcing tenants into impossible situations—choosing between rent and essential needs.
- 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.
The Human Impact:
- Eviction and Fear: Renters live in constant fear of eviction. Every rent hike brings anxiety, pushing many tenants to seek roommates or even move back in with their parents. And state and national data show the fastest growing homeless demographic is tragically our elders, 62+ as well as our children.
- Unlivable Conditions: As rent rises, conditions worsen. Corporate landlords, many of whom are out-of-state or faceless investment entities, fail to maintain safe and livable housing environments.
Data findings based on research:
- Tragically, due to the housing/rent crisis—elders 62+ are the fastest growing homeless demographic as documented in the annual Harvard University Joint Center for Housing Studies Report. THE STATE OF THE NATION'S HOUSING
- The "2023 Annual Homelessness Assessment Report" reveals sharp rise in homelessness, with disproportionate and devastating impact on American Indian/Alaska Native populations. Indigenous Communities Bear the Brunt of National Homelessness Surge
- According to the Private Equity Stakeholder Project’s “Private Equity Risk Report” Washington scores among the highest, nationally, for private equity ownership including housing, nursing homes, and hospitals. The past four years has seen a sharp departure from "mom and pop" landlords to a 46+ percent increase in homes purchased by institutional investors 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.
- Tragically, a new report finds the number of homeless children 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 children were homeless during the 2022-2023 school year. This is unacceptable! And it's considered an undercount!
The Call to Action:
Tenants across Washington and the nation are rising up as they haven’t since the 1970s. They are calling for rent caps, rent fairness, and stabilization. Our initiative is part of a national movement advocating for rental justice and tenant rights.
- The State Legislature Has Failed Us: After multiple failed attempts to pass rent stabilization legislation, it's clear the state legislature is not responding to this crisis. Inaction has left vulnerable renters at the mercy of powerful corporate landlords.
- We Propose a Renter’s Bill of Rights: It's time to regulate the rental market and stop abusive landlords from raising rents while neglecting the quality of housing. We seek protections that ensure affordable, safe, and stable housing for all.
- Corporate Landlords & Front Groups: Some of the biggest names in real estate and finance are working behind the scenes, using innocent-sounding front groups to keep rents high. They profit while elders, children, and families working two jobs just to pay rent suffer.
Join the Movement:
Together, we can take a stand. Our initiative aims to secure rent fairness and stabilization. Rent caps are a necessary solution to protect tenants, provide housing security, and combat the growing inequality in the rental market.
It's time to fix the housing crisis and restore balance to the rental market. Join us in fighting for rent justice and housing rights!
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 and enforcement.
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. Please join us! We welcome signature-gathering volunteers.