Washington state and the Puget Sound region are experiencing a significant housing supply shortage. The latest numbers from the Northwest Multiple Listing Service show that we have less than a two-week supply of homes for sale in King and Snohomish counties. For perspective, many industry analysts consider a four-to-six-month supply as an indicator of a healthy market.

The Puget Sound Regional Council has said in their Housing Needs Assessment that our four-county Puget Sound region needs 800,000 new homes by 2050 to meet the future need. For King County alone, the Regional Affordability Task Force has reported a total of 244,000 net new homes are needed by 2040 to meet demand. At this point we are already starting several hundreds of thousands of homes behind.

Why does this matter?
Limited housing supply increases the costs of homes, which makes becoming a homeowner out of reach for more community members.

According to the Northwest Multiple Listing Service January data, the median price for single-family homes in King County rose 9.46%, from $740,000 a year ago to $810,000. In Snohomish County, the median price rose 22.06%, from $573,495 to $700,000.

What created this housing supply shortage?
There are several factors that contribute to the housing supply shortage in our region and hinders our industry’s ability to add more affordable housing choices. These factors include:

• Inflation driving up the costs of building materials 

• Limited land supply on which to build

• Local development regulations not aligned with meeting the urgent need for more housing

• Permit delays

• Persistent labor shortages making is challenging to keep projects on schedule

• Supply chain disruptions

Additionally, King County is experiencing a shortage of concrete due to a nearly three-month long strike across numerous local concrete companies. Most American home foundations are concrete, along with other integral outdoor features such as pathways, stairs, and sidewalks. The inability to get concrete to builders’ jobsites is inhibiting their ability to meet the demand for additional housing.

Where does MBAKS fit into this?
Driven by our mission, MBAKS is committed to ensuring all people can attain housing. One way we do this is through our advocacy work. Our government affairs team is dedicated to making sure our members have a voice in policy and regulatory debates that directly impact the housing industry. Only through our direct participation in this dialogue can we hope to create a better climate for housing.

By Rachel Fausnaught, PrimePay

Revisions to the list of acceptable documents

The Consular Report of Birth Abroad (Form FS-240) has been added to List C. If you’re filling out the Form I-9 online, you will be able to select this form from the dropdown menus. Using e-verify? You can also select Form FS-240 when creating a case for an employee who presents this document for Form I-9.

All the certifications of report of birth issued by the Department of State (Form FS-545, Form DS-1350, and Form FS-240) have been combined into selection C #2 in List C. 

All List C documents except the Social Security card have been renumbered. Example: The employment authorization document issued by the Department of Homeland Security on List C has changed from List C #8 to List C #7.

What to do

Employers can continue using the older version through Sept. 17. On Sept. 18, you must use the revised version. You’ll notice the revision date of 07/17/17 N at the bottom of the form. Storage and retention rules for any previously completed Forms I-9 remain the same. Find more details on that here.

Penalties for noncompliance

Just last year, the Immigration and Customs Enforcement (ICE) nearly doubled fines for violations with Forms I-9.

There is a $216–$2,126 fine per Form I-9 paperwork violation. That’s an increase from $110–$1,100.

For unlawful employment of unauthorized workers, the fine for the first offense increased to $539–$4,313 per worker from $375–$3,200.

For unfair immigration-related practices, specifically document abuse, the fine per individual increased to $110-$1,110. Learn more about the fines and penalties.

Where to find the latest form

It's in PrimePay's resources section. Access the resources and choose the payroll forms tab.

PrimePay is a member of the Master Builders Association of King and Snohomish Counties. PrimePay empowers small businesses to thrive by offering integrated payroll, HR, and benefits administration with superior support to back it. Learn more at primepay.com.

The original article was published by PrimePay.

Contact: data@mbaks.com

Housing Production Slows Across the Seattle Metro Area

Building activity across the Seattle metro has cooled this year. As of August, 4,390 single-family homes and 4,770 multifamily units have been permitted—representing year-over-year declines of 5% and 26%. In Seattle, 406 single-family and 1,700 multifamily permits have been issued to date.

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