Snohomish County organizations weigh in on rent stabilization bill

A legislative push in Washington state is underway with House Bill 1217, proposing a 7% cap on annual rent increases to combat the rising tide of homelessness. The bill, sponsored by Sen. Emily Alvarado, is set for an executive session in the Senate Housing Committee. Various local organizations, including Housing Hope and Cocoon House, support the bill, emphasizing its role in preventing first-time homelessness. Critics, however, like the Association of Washington Business, warn that it could dissuade investment in housing and lead to a decrease in supply.

They argue that increased regulation may result in developers leaving the state. Statistics from the 2023 Census highlight a significant issue, with 25% of renters in Snohomish County being severely cost-burdened. Advocates for the bill stress the importance of providing renters with stability and predictability in their housing costs. As the legislative session draws to a close, the outcome of this bill could significantly impact the local housing landscape.