Residential Housing Newsletter #55
October 18, 2024
Welcome to the 55th issue of our WA State residential housing newsletter!
Here's what happened this week:
WA State
WA State Affordable Housing Providers Giving 'Political Cover' to Pro-Eviction Agenda
Affordable housing providers in WA have been hit with a perfect storm of unpaid rent, higher costs, and backlogged courts. With many WA affordable housing providers at risk of foreclosure, some want to roll back tenant protections.
Record High 12-Month Eviction Filings in King, Spokane, and Clark Counties
Over 2,000 eviction were filed in five WA counties over the last 12 months, with King (7,362 filings), Spokane (2,228 filings), and Clark (2,150 filings) hitting a record high. Many court cases had to be refiled due to procedural changes.
WA State General Election Ballots Drop on October 18th
WA state and federal elections ballots are set to arrive to 4.9 million voters on October 18th, 2024. Besides the presidential elections, we will also be voting for statewide offices and initiatives. Support housing-friendly candidates!
$33.5 Million Raised to Fight WA Citizen's Initiatives
$33.5 million has been raised to fight I-2109 (repeal of capital gains tax), I-2117 (repeal of cap-and-trade), I-2066 (protect natural gas), and I-2124 (long-term care opt in). These initiatives are up for vote in the November ballot.
City of Vancouver, WA to Hold Workshop on Rental Registry Proposal
As we reported in September, the city of Vancouver, WA is considering implementing a rental registry. The city will hold a workshop at the Vancouver City Hall on October 21st at 5pm about the proposed rental registry.
WA Commerce Awards $3 Million to Boost Housing Production
WA's Department of Commerce granted $3 million for 16 cities and four counties across the state to streamline local building permit review processes by digitizing permitting processes and consolidating permit reviews.
WA Commerce Releases Five-Year Homeless Housing Strategic Plan
The WA Department of Commerce released a new five-year Homeless Housing Strategic Plan, which includes a plan to pursue state and federal funding to build more housing and 18,000 emergency beds in the next four years.
PNW Multifamily Deals
WA Housing Jobs
WA State Department of Commerce
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$67,716.00 - $91,068.00 Annually
National and World
San Francisco Passes Ordinance to Expand Rent Control
In San Francisco, only apartment buildings built before 1979 are subject to rent control. A new ordinance passed last week would move the cutoff date to 1994, placing an additional 16,000 units under those protections, but there's a catch.
Colorado Landlord Defaults on Loans, Alleging Venezuelan Gangs Stole Rent
The owners of two Aurora, CO apartment buildings allegedly dealing with Venezuelan immigrant gang members failed to make loan payments on about $9 million in debt after gang members demanded up to 50% of the rent.
Floyd 'Money' Mayweather Buys 1,000-Unit Manhattan Housing Portfolio for $402M
Retired boxer Floyd Mayweather has gone into contract to pay $402 million for a 1,000-unit affordable housing portfolio of more than 60 buildings mostly located in upper Manhattan, NY from seller Black Spruce Management.
Austin, TX Introduces AI in Building Permit Process for Single-Family Homes
The city of Austin, Texas is testing artificial intelligence (AI) for the building permit process. The program will launch to the public next year and begin with single-family homes, helping people handle up to 80% of the submission.
DoJ Sues Missouri Landlords Based on Discriminatory Criminal History Policy
The U.S. Department of Justice filed a lawsuit against the owners and managers of a Missouri apartment complex alleging discrimination against prospective Black tenants by banning tenants with any past felony convictions.
Manhattan Office-to-Residential Conversion Projects Heat Up in October
U.S. Housing Choice Voucher Turns 50
President Joe Biden issued a greeting to everyone celebrating the 50-year anniversary of the Housing Choice Voucher, a federal subsidy program that pays a portion of the monthly rent for millions of low-income Americans.
World's First 3D-Printed Hotel Breaks Ground in Texas
El Cosmico, a popular campground in the quirky art town of Marfa, Texas has broken ground on 43 new hotel rooms and 18 homes built by 3D printer. You have to see photos of these curvy designs, which are set to open in 2026.
U.S. Builder and Spanish Investment Fund Launch $3 Billion Housing Partnership
Spanish investment fund Azora partnered with U.S. builder Advenir with a goal to deploy more than $3 billion over the next five years to develop 10,000 new single-family rental homes and acquire 5,000 existing units.
Nuveen Green Capital and CDPQ Launch $600M Green Building Development Fund
Canadian pension fund CDPQ and Nuveen Green Capital have announced the launch of a $600 million real estate financing program which combines C-PACE financing with senior bridge and construction financing.
Real Estate Startup Backflip Raises $184 Million to Expand "Fix-and-Flip" Mortgages
Real estate fintech company Backflip raised $30M of equity and $154M of asset-backed financing, totaling $184 million in capital to fund residential transition loans (also known as “fix-and-flip mortgages”) for investors.