Local builders have tried to keep pace with market demand for rentals.  Cosmos Development’s 2nd and Main project offers large units and nice amenities in the heart of Renton’s downtown.

In a previous blog entry I shared that the King County Homelessness Authority has put forward a $25 Billion five-year plan to create temporary housing to reduce homelessness.  I mentioned that our own Renton Housing Authority has been a very efficient government housing provider, and I promised to revisit this topic of homelessness with additional practical ideas in the future.  This is my first follow up on this topic, covering what private providers can do.

The debate about solving homelessness often deteriorates into over-simplified disagreements, like “is homelessness a housing problem, or a drug problem?” I promise not to take such a simplistic approach. The issue is much more complicated than that.

As a disclosure, my wife and I have owned rental homes in our area for over 30 years, and we have taken pride in providing affordable, fair, desirable housing for families and individuals in our community.

Step 1: Maximize the capability of the private housing market by working with landlords and builders

Our region’s private housing market plays the most essential role of all in preventing homelessness, by successfully housing 90%-95% of all of our region’s residents while generating significant tax revenue.  About 61% of these residents live in homes which their family owns, and the other 39 percent are in homes or apartments they are renting under a private lease with the owner.  It’s in all of our benefit to keep this market thriving, as this private market drives new home construction with typically no subsidies from taxpayers. This new construction helps reduce housing shortages.

READ MORE »