SDCI Reports Staggering Loss of Registered Properties
In SDCI's Annual RRIO Report delivered to the Seattle City Council, they announced that the number of rental properties registered in Seattle has declined 14.4 percent since 2019, that is a staggering loss of 4858 registered properties.The report posits "The decline in registered rentals may be attributed to more rental properties being sold and becoming owner-occupied..."
The report goes on to claim that while the number of registered units has declined, the total number of units remained stable. This confounding statement was unsubstantiated in the report, leaving the reader to ponder how registered units can decrease substantially but total number of units remain constant?
SDCI and the City Council both know why the number of rental units are declining. The Council continues to refuse to accept that housing providers have been, and still are, selling their rental units in Seattle. The industry has been saying this for years, and a survey of RHAWA's membership tells us that approximately 30% of the units that leave the market do so due to increased legislative burden.
How long can the City Council continue to ignore the facts and data, while passing more onerous and devastating housing policies?
You can read the full report here: https://bit.ly/3iB3sAb