Residential Housing Newsletter #64
December 20, 2024
Welcome to the 64th issue of our WA State residential housing newsletter! Here's what happened this week:
Local
Housing Justice Director Witter Leaves for King County Regional Homelessness Authority
Longtime director of the Housing Justice Project Edmund Witter is leaving HJP to become the King County Regional Homelessness Authority's general counsel—part of a shakeup at the KCRHA under CEO Kelly Kinnison.
Inslee Proposes $905 Million for Housing and Homelessness Services
Outgoing WA Governor Jay Inslee released his final budget proposal with $905 million for 5,000 additional affordable housing units, homelessness services, and preventing evictions and foreclosures.
Bellingham Votes to End to Parking Mandates as Part of Housing Push
In a 5-1 vote Monday, the Bellingham City Council voted to end parking mandates citywide as part of a multi-pronged strategy to boost housing production by lowering costs for developers.
Vancouver, WA Pays $6.3 Million for Building to Convert it Into a 150-Bed Homeless Shelter
The Vancouver City Council bought a building for $6.29 million in the Van Mall neighborhood where the city plans to build a 150-bed homeless shelter. Design and construction will cost the city an estimated $9.5 million.
Seattle Spent Millions Overhauling Homeless Shelters. Now People Don't Want to Move Out
Since 2017, Seattle has spent millions to convert crowded halls into private spaces, expand hours from overnight to 24/7, and add staff. The average time people stay in shelters has since tripled, which has created new challenges.
WA Commerce Offers Clean Building Performance Grants
WA Commerce is accepting applications for the Clean Building Performance Grants program, which provides funding to private and public building owners. Applications are due by January 31, 2025.
Just 20% of Seattle Workers are Remote, Down from Pandemic High of 50%
Return to office policies are taking effect and home prices may rise as a result. Of the Seattle metro area's 2.1 million workers aged 16 and over, only 20.3% worked from home in 2023, down from nearly 50% three years ago.
PNW Multifamily Moves
Home Insurance Premiums Up Across the U.S.
Nation and World
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Federal Reserve Cuts Interest Rates by 0.25%
The Federal Reserve cut interest rates for the third time in three months, reducing its benchmark rate by 0.25%. The Fed has now trimmed rates by 1 percentage point since September. Mortgage rates may decline as a result.
HUD Adjusts Section 8 Rent Payout Calculations to Better Account for Rising Insurance Premiums
Insurance premiums have risen considerably for homeowners and housing providers. HUD has adjusted their calculations for Section 8 rental payments to account for differences in insurance premium changes from state to state.
Massachusetts Woman Rejected From Housing By AI-Generated Score Wins Lawsuit
Mary Louis applied for rental housing and was given a score by SafeRent, which recommended declining Mary. In 2022, Mary and 400 other tenants sued SafeRent under the Fair Housing Act and won a $2.3 million settlement.
NYC Mayoral Candidates Push for Rent Freeze
At least three candidates for New York City Mayor committed to freezing rents for rent stabilized tenants. A hypothetical rent freeze wouldn’t take effect until October 2026, after a Rent Guidelines Board vote.
Wisconsin DOJ Reaches $1.7M Settlement with Milwaukee Landlord
Wisconsin's Attorney General reached a $1.7 million settlement with a Milwaukee-based landlord and property management company for violating the state’s landlord-tenant law, including charging illegal late fees and court fees.
Artificial Island in San Francisco Bay Emerges as Housing Development Model
Over 1,200 new homes are now built or nearly built on the 400-acre Treasure Island public-private housing development off the coast of San Francisco, including a 22-story luxury high rise and two affordable housing projects.
HUD Grants $225 Million for Manufactured Housing
HUD granted $225 million to 17 awardees with projects across 26 states to "preserve and revitalize" manufactured housing across the country, including rural, suburban, urban, tribal, and disaster impacted areas.
NYC Renters May Soon Save Average of $5,000 on Apartment Move-In Fees
The New York City Council passed the FARE Act, which shifts broker fees from renters to landlords. Move-in costs for units that have fees are expected to fall 41.8%, with average fees falling from from about $13,000 to about $7,500.
Kushner Tenants Could Claw Back Years of Rent Payments in Class Action
In 2020, tenants in four Kushner buildings in New York sued the firm for failing to obtain certificates of occupancy, claiming Kushner had illegally collected $4 million. Those tenants now stand to win all that rent money back.
Corporate Investors Own 25% of Single-Family Market in Atlanta
The Government Accountability Office reported that 25% of the single-family market in Atlanta (71,832 homes) was held by corporate investors in 2022. Seven national corporate landlords own 51,252 homes in the 21 county-region.
More Americans are Living in Malls
At least 192 U.S. malls planned to add housing to their footprint as of January 2022, and at least 33 had constructed apartments since the pandemic began while at least a dozen more retail-to-apartment conversions are underway.
Housing Inventory Reaches Post-Pandemic High