Condo Conversion Bill Update
I’ve been following the condo conversion bills in the legislature this year on my other real estate blog. The bills are SHB 2014 & SB 5031 – which have the same purpose but take different approaches. Unfortunately, the Senate’s version, which was much more restrictive than a community stakeholder backed version in the House, met its end recently dashing any hope for legislation this session.
Unlike most in the industry, I’m disappointed. While I thought the Senate bill was too far reaching, I support additional protections for displaced tenants, probably because I was one myself. At the same time I also support conversions as it provides affordable homeownership opportunities for many first-time buyers.
The House’s version was broadly supported by housing activists as well as developers and would go a long way towards assisting displaced tenants, but it didn’t make it to the House floor. It’s my hope that sponsors in the House and Senate will use the off season to launch a concerted effort for the next legislative session.
