Our representatives in Salem wasted no time proposing and passing legislation to address not only the housing crisis, but the existing long-term inequity between tenants and Investment property owners in our State.
Senate Bill 608 passed first, addressing two long standing tenant concerns: excessive rent increases and no-cause evictions. SB 608 caps annual rent increases to 7% per year plus the current Consumer Price Index (CPI), equaling approximately 10% in 2019 It also effectively eliminates no-cause evictions, with some exceptions. Subsidized housing and rentals that are less than 15 years old are exempt.
Way overdue, in my opinion, SB608 addresses some of the most egregious abuses and the instability created in the tenant community and rental marketplace. Check out the details of the bill here: Realtor Association synopsis. Important note; the jurisdiction of this bill is statewide. The City of Portland enacted additional tenant protections in 2018.
Next up for debate is House Bill 3349, proposing to limit the mortgage interest deduction for the wealthiest 5% along with vacation home owners. HB 3349 brings an end to the long-time housing subsidy benefitting the richest Oregonians and adds $150 million to our budget cycle to support children and families experiencing homelessness, and help people access affordable homeownership. Follow the progress on this bill here. Remember, most of these committees are open to public testimony. Oftentimes on issues like this, the legislators will stay until everyone is heard, so if you have an opinion or unique perspective on this, please consider testifying!
In the end, increasing the inventory and accessibility of affordable housing is the answer. It’s time to admit housing is essential infrastructure, similar to freeways, schools and national defense. The market will not solve this problem and I believe that standing by and watching the trauma and humiliation of people forced to live without clean and safe housing is a moral failing. We have the resources to solve the problem...we just need to deploy them where needed.
I’m excited to watch these historic debates take place and witness the positive momentum on these urgent issues!
“In the end, increasing the inventory and accessibility of affordable housing is the answer. It’s time to admit housing is essential infrastructure, similar to freeways, schools and national defense. ”