Summary
A new bill in Washington state aims to change the housing market by allowing residential developments in areas currently zoned for commercial use. This could help address the housing shortage, especially the lack of affordable homes. The bill has passed both the House and the Senate and awaits final approval.
Key Facts
- Washington state is facing a housing shortage, particularly in affordable housing.
- The median home price in Washington was about $594,900 as of January.
- The state needs an additional 1.1 million homes in the next 20 years.
- Senate Bill 6026 requires cities with over 30,000 people to allow residential buildings in commercial and mixed-use areas.
- The bill aims to tackle the lack of space for new housing developments.
- Land costs make up approximately 40% of home construction and values in Washington.
- The bill received strong support in both the House (69-27) and the Senate (36-12).
- Gov. Bob Ferguson supports the bill as a response to the housing crisis.
