Resolution 7283 - Laserfiche WebLink

WHEREAS, condominiums typically meet the needs of first time homebuyers as well as older residents wanting to downsize from single-family homes and are a less-expensive housing option than single family homes--yet condo inventory has grown only slightly since 2010 and disproportionately at higher price levels (PSRC data); WHEREAS,the current regulatory and legal environment for condominium construction in Washington state places significant liability on builders, making it prohibitively costly (compared to other urban jurisdictions)to bring this housing product to the Puget Sound market at an affordable price point; WHEREAS,the Runstad Center for Real Estate Studies at the UW School of the Built Environment report "Incentivizing Condominium Development in Washington State:A Market and Legal Analysis," recommends specific ways to lower the perceived risk and uncertainty imposed by the Washington State Condominium Act, including clarifying the nature of a construction defect, incentivizing repairs rather than monetary damages as a remedy, among others; WHEREAS, policy changes to the Washington Condominium Act to reduce builder risk could make condo construction a stronger investment choice for developers, thereby broadening housing options for the region's residents and accelerating the creation of new housing for first time, downsizing and lower- income home buyers; NOW,THEREFORE, BE IT RESOLVED BY THE MAYOR AND EVERETT CITY COUNCIL THAT: We the Everett City Council and Mayor support changes to the Washington Condominium Act that will address concerns about excessive litigation risk, and encourage construction of affordable condominiums while maintaining consumer protections. PASSED and APPROVED this 22nd day of August, 2018. Cin, Mayor aul Roberts, Cou it President A_ A t , Scott Bader, • ncil Vice President Br a Stoneci r, ouncil Member i AffiliZ/01.17 / Jeff Pr, ncil ber ¶y'uohy, C.uncil Member .41 Aft, sciirY urp y, Council Mem; thel McNeal, Council Meme