Dear WBPA Members and Friends:
The Legislature has left Olympia!
This session the WBPA saw an onslaught of proposed negative policies targeting property rights and development that would have been catastrophic for the real estate industry.
What took place?
From six different rent control bills to a ban on the use of natural gas in new construction, to exorbitant increases in REET taxes and property taxes. The WBPA stood strong with our coalition partners in saying NO to this regressive legislation.
Up until the very last minute of the session, we continued to deal with two major proposals. The first to increase the Real Estate Excise Tax (House Bill 1628), and the second a repeal of the voter-approved cap on property tax growth, which had the effect of tripling the cap for both state and local taxes (Senate Bill 5770).
We were there!
The WPBA was part of a vigorous effort to defeat these bills and as a result the bills were rejected by both the Senate AND the House. This effort alone saves real estate developers and investors over $2.1 billion in future taxes.
As you may have read, the Legislature unveiled a negotiated operating budget for 2023-25 and, again, thanks to the efforts of the Washington Business Properties Association and our partners, we were able to convince legislators to hold the line and avoid new taxes on real estate as part of the now $70 billion biennial budget.
Our thanks to you!
We owe a big thanks to our WBPA members, partner associations and state Sen. Mark Mullet for the no new taxes budget. Despite popular support in the majority Caucuses, fiscal common sense prevailed and additional taxes on real estate were defeated due to the WBPA and its collective efforts to educate and advocate about the impacts of these proposals.
Our Work Isn’t Finished
This interim (the period between legislative sessions) we will be working hard to further our WBPA members’ position that additional taxes on real estate in Washington are simply the wrong policy, that rent control kills housing, and less regulation and red tape in permitting affordable housing is the way to meet our housing shortage. This messaging is especially important when we’re facing a critical housing shortage and tenuous commercial real estate viability in many of our urban communities.
You spoke, they heard!
Please join our efforts this summer to build capacity and infrastructure to continue to fight for you in the state Legislature. Consider a contribution to the WBPA, renew, or increase your membership and support our advocacy, political, and litigation efforts. Today is the day that you should add your support to the WBPA. Simply click below to join other like minded individuals that want a strong voice in Olympia to protect their interests in the real estate industry.
If you have not yet joined the WBPA, please do so today. These are just a few examples of how we are changing the landscape for property rights in Washington and we want you involved.
We have made it easy for you to join. Just click the button below. In addition to joining the WBPA, there are other efforts to support like our Legal Defense Fund and Political Action Committees.
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