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House Bill 2114 (HB 2114), otherwise known as rent control, that passed the Washington State House of Representatives February 13 on a party line vote, appears to have died in the Senate and failed to pass out of committee.
HB 2114 would have limited rent and fee increases to 7% and would have increased the notification period to 180 days for increases over 3%. The tenant would have been able to terminate a lease within 20 days and if the increase is over 7%, the tenant would have received damages and up to three months’ rent.
HB 2114 would have also;
- Capped late fees at $10, which removes any incentive to pay rent on time.
- Limited move in fees and security deposits to 1 months’ rent.
- Exempt Government housing authorities from rent control.
Rent control reduces access to new affordable housing. When the government imposes price controls, supply quickly dries up.
The punitive laws coming out of Olympia are causing property owners to sell rental properties. Seattle lost 3,000 rental units in a 6-month period in 2022 primarily because of punitive legislation and regulations in Washington. HB 2114, and other rent control measures create a hostile environment for property owners.
Thankfully, HB 2114 appears to have died in committee. The Senate Ways and Means committee declined to take action on the bill this morning.