WA's Senate Housing Committee passed HB 1217, a statewide rent control bill, on March 26th. The final bill caps rent increases at 7% per year, creates a new mandated notice, and other policies. 

This highly debated bill, currently making its way through Olympia's legislative session, would ban rent increases during a tenant’s first year. However, the restrictions wouldn’t apply to buildings less than 12 years old or those owned by nonprofits or public housing authorities.

Additionally, landlords would be required to provide 90 days' written notice before raising rent. The policy would also limit move-in fees for manufactured housing but not for rental properties.

The bill now moves to the Ways and Means Committee. It must pass the committee by April 8; otherwise, it will likely be shelved for the year.

By Jessica Perez – Reporter, Puget Sound Business Journal

A Bellevue-based commercial real estate investor acquired an Amazon-leased industrial building at 607 Riverside Road in Everett for $51 million in a deal recorded in Snohomish County last week.

By Marc Stiles – Senior Reporter, Puget Sound Business Journal

AvalonBay Communities (NYSE: EVB) has submitted plans to Redmond City Hall for a multiphase master plan development, ARTS, on 30 acres next to the new Link station at Microsoft's headquarters, which could  have up to 2,500 apartment units on five separate parcels

By Nick Pasion – Reporter, Puget Sound Business Journal

Seattle City Council voted, 6-3, last week to rezone a two-block area around the stadiums in Sodo to allow for housing.

The land, which has long been designated as an industrial zone, will be open to the development of up to 990 residential units. Now, the measure is headed to Mayor Bruce Harrell's desk and will likely go into law later this year following a contentious battle between unions, businesses and elected officials.

By Randyl Drummer, Lucy Bingham

CoStar News

A nonprofit group research founded by Microsoft co-founder Paul Allen became the first tenant at a newly developed office building in Seattle, helping increase the city's cachet as a major hub for artificial intelligence research.

The Allen Institute for AI, known as Ai2, signed a lease in July for the entire third floor of the 158,000-square-foot Northlake Commons at 3800 Latona Ave. NE on the northeast side of Lake Union.