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Oregon Rent Control Bill Passes


On Tuesday 2/26/19 the Oregon House passed the landmark Senate Bill 608 - the last legislative hurdle before becoming law. SB 608 will establish a statewide limit on rent increases, keeping them to no more than 7 percent plus the consumer price index during a 12-month period. It would also ban no-cause evictions following the first 12 months of occupancy. The legislation is now on the Governor's desk awaiting her signature, which is anticipated to happen 2/28/19.

Landlords in the Northwest have been battling rent control for many years. Oregon is now the first state in the nation to have a statewide rent control law. With this battle over, we will continue to monitor this new law as we move into future legislative sessions. The expectation is that future legislatures will make changes to the 7%. Hopefully the legislature will prove us wrong. We are also deeply disappointed that the legislature adopted a position of 'no amendments' thus preventing needed improvements to this legislation.  

We now move on to a rental environment that is even more regulated.  

Read these articles to see what people are saying:

https://www.oregonlive.com/politics/2019/02/oregon-legislature-passes-nations-first-statewide-rent-control-policy-evictions-protections.html

https://www.nytimes.com/2019/02/25/us/oregon-rent-control-bill.html

 

Governor Inslee's Proposed Tax Increases for Washington - Legislative Session 2019

New Proposed Capital Gains Tax

A state capital gains tax of 9% is being proposed if taxable capital gains exceed $25,000 for individuals and $50,000 for joint filers. This tax would not apply to residential real estate, retirement accounts, or other types of gains. This tax is estimated to generate $1 billion per year for the state general fund.


Increasing the Real Estate Excise Tax with Graduated Rates

The current real estate excise tax (REET) is 1.28% and the governor proposes to create four different rates.
.75% for sales less than $250,000
1.28% for sales between $250,000 and $1,000,000
2% for sales between $1,000,000 and $5,000,000
2.5% for sales over $5,000,000
This tax structure would generate about $200 million per year and would be transferred to the Motor Vehicle Account to pay for the replacement of culverts in the state highway system.


Increasing B&O Tax Rate from 1.5% to 2.5%

Governor Inslee proposes an increase to the B&O tax for service businesses of 1%. This increase would generate over $1.25 billion per year for the state general fund.

This information was shared from the Washington State Commercial Association of REALTORS.

 

It’s becoming economically desirable to live in a trailer park

Here's a great article about how the tides are turning and more retiring baby boomers and millennial-age young families are turning toward the affordability of manufactured housing.

https://qz.com/1178031

Article by Helen and Dave Edwards

 

Portland Business Journal recognizes Commonwealth as one of the top property management firms in 2017

May 23, 2017

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