OLYMPIA, Wash. — Hundreds of tenants are expected to rally in Olympia Tuesday in support of a bill designed to cap rent hikes.
More than 700 tenants, landlords, business owners, affordable housing advocates and community leaders are expected to meet with legislators in support of HB 2114 and companion bill SB 5961 which would cap rent increases to 5% a year in Washington state starting in 2025.
Under the proposals, landlords would need to give renters six-months notice of any increases higher than 3%. Those tenants would be allowed to get out of their leases, if the law passes as written.
When a property is vacated, landlords would be allowed to charge what they want for new tenants.
Critics say a cap will scare developers from investing in the state. Republicans in the House and Senate fear it would contribute to the state's housing shortage, and call the proposal a band-aid for the state's real issue, a housing shortage.
Lawmakers have until Wednesday to pass proposed bills out of their committees of origin so they have the chance to be considered for a full vote in front of the House and Senate.