Here's what I sent to WA State. I blind copied every single WA State Legislature:
I want to share one anecdotal case:
I accomplished a long-term goal of buying my first small multi-family rental property in 2020. It took, literally, years of education, hard work, frugal sacrifices and personal life savings to accomplish. Did I say hard work? Let me re-iterate. ***-busting WORK. Physically, mentally, emotionally, and spiritually sacrificing work. The property is a 4-plex in Tacoma. Rents were below market level at the time of purchase. One crucial factor necessary to make a profit was to increase rents. Not only have I not been able to raise rents, but one tenant, who is currently employed, is multiple months behind on rent. I should also mention that this tenant is prioritizing her car payments in order to drive a nicer, newer car than my wife and me! The property is now operating at a loss. I'm now dipping into the savings fund to cover the combined mortgage and utilities. The intent of this savings fund WAS to put money back into the property in the form of renovations and upkeep. Now these projects are on hold. Now all tenants will have to live in outdated units for a while longer instead of improved, modernized units. The neighbors will have to see a degenerating property for a while longer instead of a fresh, updated property. The contractors will not be awarded these projects until the savings fund rebounds. You see where I’m going here. This moratorium isn't hurting my pockets as much as it's hurting the very people it was intended to help. I will likely have to put in more work at my W-2 job, where I already work a minimum of 50 hours a week, to fund this property in the near future. Either that or sell it, possibly at a loss, unless this ends soon. Can you imagine the large scale and long term effects of my case extrapolated over the entire population?
Please help me in the fight to fundamentally change how this state governs.
