Almost 500 REALTORS® and Affiliates showed up for the WR Legislative Day event on January 22-23rd in Olympia—including several of our very own LYVAR members! Thank you for taking the time to meet to discuss Washington REALTOR® legislative priorities, including the following:
EXPAND LOCAL HOUSING SUPPLY EFFORTS: Last session, the Legislature passed HB 1923 that incentivized cities to adopt regulations and plans to increase housing supply and affordability. This bill was part of REALTORS® Unlock the Door housing supply campaign, and now over 50 cities are implementing the law. In 2020, will expand this program by extending the deadlines for local governments, including additional types of housing ordinances, and increase the number of cities that are eligible to participate. A range of aggressive and sustained action on housing supply is needed from addressing homelessness and low-income affordability, to stopping the alarming trend of decreased of homeownership.
EXTEND MULTI-FAMILY TAX EXEMPTION: The state’s Multifamily Tax Exemption (MFTE) has been successful in helping create thousands of new units of privately-owned affordable housing. This program has been central to urban redevelopment and housing supply efforts in both small and large cities. These bills extend the authorization for the MFTE and provide additional flexibility so the use of the MFTE can be tailored to meet the variety of needs at the local level.
PROTECT REALTORS® INDEPENDENT CONTRACTOR & AGENCY LAW PROVISIONS: Recently, the Legislature passed bills clarifying independent contractor status for real estate brokers and reaffirmed the state’s real estate agency laws; to include the statutory duties of brokers and dual agency requirements. Despite this, conflicting employment legislation has been proposed that would negatively impact the real estate industry by altering the status of real estate brokers as independent contractors and real estate agency laws. The unique structure of the real estate industry should be acknowledged and protected in future employment legislation.
It was a fantastic event and we look forward to bringing you more updates on legislation affecting our industry!