T
he Addison on Fourth apartment complex in Seattle's International District has fallen into default with Freddie Mac, its value plummeting from $40 million to $10 million due to outstanding debt. This decline is a stark contrast to its original description as a "diamond" in the district when it was built in 1911.

    At the Rental Housing Association of Washington's annual meeting, Goodman Real Estate CEO George Petrie and housing director Audrey Riddle highlighted the complexities of housing legislation. Petrie stated that well-intentioned laws have led to unintended consequences, such as increased friction for landlords and a shortage of affordable housing options.

    Goodman Real Estate invested $26 million in renovating the Addison on Fourth, adding 14 new apartments and enhancing common areas. However, Riddle noted that the Fair Chance Housing Ordinance in Seattle, which restricts background checks, has created an environment where residents are forced to live alongside crime. Petrie cited a sample of 7,000 company records, finding that only 30 out of 300 past arrest records resulted in denied tenancy due to violence or threats.

    Riddle presented eight indicators showing the project was not meeting its goal of providing safe and affordable housing. The Rental Housing Association's Fall Symposium featured updates on rental operations, investor development, housing policy, and public affairs, marking the first gathering since the merger with the Landlord Association of the Inland Northwest.