SEATTLE — Debate continues to grow as Seattle approaches a full council vote on a rent control proposal sponsored by Councilmember Kshama Sawant. Currently, council members are expected to weigh in on Aug. 1.
Seattle King County Realtors says while it believes there could be some benefits for a "limited number of in-place renters," it says it could lead to rising costs for others by preventing the development or prompting people to convert rentals into ownership housing.
Councilmember Sawant disputed those assertions in an FAQ page about the rent control proposal.
Ryan Makinster, Director of Government Affairs for the Washington Multi-Family Housing Association, says business groups are concerned the law could discourage future development, leading to less rental housing stock overall.
"By 2035 we need a million units in the state," Makinster said. "We are way behind and we're going backward. We aren't building enough right now, and we aren't even building enough to make up for the deficit that we have."
Councilmember Sawant says she believes as long as Seattle remains growing, developers will continue to build.
Makinster cites a slowdown in building permits in St. Paul after rent control was enacted, and high prices in San Francisco and New York where some rent control laws are in effect.
"Not only did it stifle supply creation, which is instrumental in lowering costs for all even though it's not instantaneous, we know that it basically foreclosed on [a number of] affordable units at 50% or lower AMI," Makinster said.
Supporters of rent control in Seattle point to what they say are loopholes allowing exemptions for some types of housing -- leaving costs for some housing high.