Re: “Bill to cap WA rent increases passes first House hurdle” (Jan. 20, Business):
My wife and I own three homes in the Central District of Seattle. I write in support of Senate Bill 5222 for “Tenant Housing Stability” and to refute claims we’ve heard that this would drive small landlords out of business.
Our units are midpriced, well-appointed but not high-end. Their rent is the majority of our retirement income. All three are mortgaged, and our predominant cost is their principal and interest, which are fixed. If we raised our tenants’ costs per the bill’s 7% limit, we would still make the same net income if every single variable cost, i.e., taxes, insurance, maintenance, electric, internet and the combined water-sewer-trash went up by 34%, 26% and 37% on the three properties. Thus, even without exemptions, the bill’s economics would seem unlikely to affect us.
But unlike “investment-class” landlords, we live here, our tenants become our neighbors and our bottom line includes the well-being of our neighborhood. We’ve met several people who were made homeless by unconscionable landlord charges. This bill only diminishes one of the many devastating high costs of living on the lower half of the economic ladder. Please pass it.
James F. Fife, Seattle