The state has decided to intervene in the high cost of rental units in Washington. As is typical with these types of legislative bills, the results are nearly always worse. Rent control invariably leads to investors bailing out of the local market often selling off assets. The short term effect is usually a slower rate of rent increases but the longer term result is a lack of inventory.
The state has been the largest culprit in rising costs due to the ever increasing mandates for waste water control, green efficiency, and local infrastructure improvements that rapidly raise the construction costs of new units. The entire West Coast has been caught in this trap. Yes we all want greener projects, and better environmental outcomes, but that comes at a cost and that higher cost results in exclusive rents that are out of reach of lower income and even middle income families.
If the state actually cared about this subject, which I fear they do not, they would allow low income properties to be built with waivers for many of the strict regulations and government development fees. That could provide thousands upon thousands of new units aimed at lower income families. The state however is not interested in waiving these development fees because if we are really honest, it's a cash cow for Olympia, Salem, and Sacramento.
In all fairness, many of these development costs are imposed at the local level. Cities and Counties rake developers over the proverbial coals with excessive fees that all get passed on to the buyers and or renters of these properties. The legislature could certainly pass a law that requires local governments to provide discounts or waivers for projects that will provide low income access to real estate in the form of sub-market rents or regulated sub-market pricing for purchase.
Whether you are on the left or the right, affordable housing is probably something you have some concerns about. Let your legislature know, that rent control has failed nearly every time it's been tried and they need to DO BETTER.