The upzoning law, receiving bipartisan support, seeks to improve housing availability in Washington by easing restrictions on land use. Although a previous version aimed at entirely banning single-family zoning, the final bill adopts a more nuanced strategy, fostering optimism among real estate professionals. Brokers are witnessing an increase in housing inventory, particularly in new constructions, with features appealing to prospective homeowners. Key figures express hopes that this initiative will revitalize homeownership opportunities for many who have been left behind in previous market cycles.
The homeownership feel isn't as driven into people as it used to be, but it's starting to come back, Tom Skepetaris, a Seattle-based real estate broker, said.
House Bill 1110 is going to allow an entirely new generation of homeownership and effectively provides a reset button for those that might have missed the last run of real estate in the last 10 years, Dean Jones stated.
We're building what we want to see and what we think the future of building is, said Todd Karam, client relations director with local developer Range Properties.
The final version of the bill took a more measured approach which advocates said could still positively impact the state's housing supply.
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