Seattle considering new real estate industry regulations to stave off predatory homebuyers

The Seattle City Council’s Housing and Human Services Committee will consider new legislation aimed at protecting homeowners from predatory buyers. The proposed law would allow homeowners to obtain appraisals, receive notifications about their rights, and cancel purchase contracts if buyers fail to comply with the new protections. The legislation seeks to align local laws with state regulations while imposing stricter penalties for violators. This initiative responds to decades of concerns regarding predatory home-buying practices that have contributed to displacement, particularly in communities of color. According to the city’s analysis, these practices often target the most vulnerable homeowners, leading to economic disparities and erosion of generational wealth.

Groups like the Black Legacy Homeowners have been established to provide resources against displacement in Seattle. The measure aims to enhance legal protections and give homeowners more time to consider unsolicited offers. This legislative effort reflects a growing recognition of the need for equitable housing practices in the city.