A little too late? Washington condo conversion legislation

This morning the State House convened to review the condo conversion bill (HB 2014) which passed its third reading by a vote of 94 to 1. The House version of the bill:

• Extends the notification period from 90 days to 120 days.
• Authorizes a city or county government to require developers to provide relocation assistance to low-income tenants in an amount to be determined by the city or county government. Currently, the state requires a $500 relocation assistance payment to low-income tenants.
• Prohibits construction within the 120 day notification. Though, construction may begin earlier provided the developer waits at least 12 hours after the last tenant vacates.
• Authorizes cities & counties to restrict the number of conversions.

On the other side of the aisle the State Senate will hold a public hearing at 1:30 PM on January 22nd. The senate’s version (SB6411):

• Extends the notification period from 90 days to 180 days.
• Provides that notice of any county or city relocation assistance programs must be expressly stated to tenants.
• Requires developers to pay relocation assistance in an amount determined by city or county ordinance.
• Provides that the amount of relocation assistance may be adjusted annually.
• Allow developers to begin limited construction/remodeling within the 180 day notification period only if all tenants have vacated or if they provide written waivers to the developer.

I have been in favor of some sort of change to the current requirements - 90 days notice and $500 towards low-income tenants - which is hardly anything. The cost to move and secure a new place to live is considerably more than $500. And, if you’re not low-income, you get nothing. But, I’m a little skeptical about placing limits on conversions. I’m a firm believer that the market will self-correct and adjust accordingly. And, it has.

Continue reading this post at Seattle Housing Buzz >>

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