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L ( <br /> •>--W <br /> RESOLUTION NO. <br /> A JOINT RESOLUTION OF THE EVERETT CITY COUNCIL AND MAYOR SUPPORTING CHANGES TO THE <br /> WASHINGTON CONDOMINIUM ACT. <br /> WHEREAS,the Puget Sound region is one of the most appealing, attractive and desirable places in the <br /> country to live; <br /> WHEREAS, between 2018 and 2050 the central Puget Sound region is expected to grow by an additional <br /> 1.8 million residents, comprising 830,000 new households (PSRC data); <br /> WHEREAS,the central Puget Sound region has experienced sustained employment growth since 2010, <br /> with exceptionally strong job growth since 2014 resulting in a dramatic surge in the demand for housing; <br /> WHEREAS, housing construction has increased substantially after recording a low in 2011,yet the <br /> construction of new housing units is not keeping pace with job growth and consumer demand and only <br /> this year is approaching pre-recession levels of new housing production; <br /> WHEREAS,the Washington Growth Management Act (GMA) planning goal for housing is to encourage <br /> the availability of affordable housing to all economic segments of the population of this state, and to <br /> promote a variety of residential densities and housing types; <br /> WHEREAS, condominiums represent infill development that promotes GMA planning goals; <br /> WHEREAS, meeting the housing needs of diverse households across a range of income levels is integral <br /> to creating a region that is livable and accessible for all residents, economically prosperous, and <br /> environmentally sustainable; <br /> WHEREAS, condominiums typically meet the needs of first time homebuyers as well as older residents <br /> wanting to downsize from single-family homes and are a less-expensive housing option than single <br /> family homes--yet condo inventory has grown only slightly since 2010 and disproportionately at higher <br /> price levels(PSRC data); <br /> WHEREAS,the current regulatory and legal environment for condominium construction in Washington <br /> state places significant liability on builders, making it prohibitively costly(compared to other urban <br /> jurisdictions) to bring this housing product to the Puget Sound market at an affordable price point; <br /> WHEREAS,the Runstad Center for Real Estate Studies at the UW School of the Built Environment report <br /> "Incentivizing Condominium Development in Washington State:A Market and Legal Analysis," <br /> recommends specific ways to lower the perceived risk and uncertainty imposed by the Washington <br /> State Condominium Act, including clarifying the nature of a construction defect, incentivizing repairs <br /> rather than monetary damages as a remedy, among others; <br /> 56 <br />