Colorado Association of REALTORS | Capitol Connection – March 31, 2023
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Capitol Connection – March 31, 2023

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Mar 31 2023

Capitol Connection – March 31, 2023

Legislative Advocacy this Week at the State Capitol

“Don’t Miss Out on the Action – Sign up for REALTOR® Party Mobile Alerts”

Text REALTORS to 30644

REALTOR® Party Mobile Alerts, NAR’s advocacy texting platform, offers REALTOR® Associations and REALTORS® a way to stay connected directly from their cell phone or tablet. When a national or state legislative call for action is launched, subscribers get a short text message containing information to take action. Stay in the “know” as housing legislation heats up at the state capitol and nationally this year. 

*If you sign up for RPMA and receive a Call For Action, taking action does NOT subscribe your information to a listserv.* RPMA and CFA are strictly to inform members of legislation that the National Association of REALTORS® or Colorado Association of REALTORS® needs grassroots engagement.

RPAC Announcements

RPAC Major Investor Deadline – April 15th

Make sure you are recognized as a 2023 RPAC Major Investors before the REALTORS® Legislative Meetings! Deadline to have your initial $300 and pledge in is April 15th. Use the link below to make your investment today!

INVEST IN RPAC TODAY!

LIVE Auction at Spring Summit in Vail

Don’t forget to register for the RPAC Reception at Spring Summit to participate in our LIVE Auction! Bid on items from spa days, golfing in California, to sailing in Hilton Head, and much more! Purchase your $25 ticket below to attend. All proceeds go to RPAC!

Purchase your RPAC ticket HERE

Bill Updates

HB23-1255 Regulating Local Housing Growth Restrictions

HB23-1255 would preempt any arbitrary growth caps in local jurisdictions to allow for more housing. This would increase real estate transactions and allow more development in areas that have previously enacted ordinances that would limit growth and would prohibit future ordinances restricting growth, unless the local government has experienced a disaster emergency. LPC will take a formal position on this bill at the next meeting. 

HB23-1254 Habitability of Residential Premises

The bill expands the conditions for the warranty of habitability by adding water damage, fire damage, and damage from natural and environmental events rendering residential property uninhabitable. Additionally, the bill specifies the landlord’s responsibility to remediate environmentally hazardous property to habitability within a reasonable timeframe and it provides a process for tenants to deliver notices detailing habitability issues in good faith. Landlords will be required to have rental property inspected and tested by certified industrial hygienists and must obtain certification from the industrial hygienist before the premises can be occupied by a tenant. The bill repeals the exception made for single family residences from state statute.

The bill also directs the Department of Public Health & Environment, Air Quality Control Commission, Water Quality Control Commission, and the State Board of Health to establish residential habitability rules by 2025. CAR’s Legislative Policy Committee will take a position on the bill soon.

In Case You Missed It

Housing Affordability For All

What is Rent Control? – Rent control (also known as rent stabilization and/or rent caps) is a form of government-enforced price control that limits rents that property owners may charge in market rate rental housing. While the intent of rent control laws is to assist lower-income individuals, history has shown that rent control exacerbates shortages, disproportionately benefits higher-income households and ultimately drives up rents. 

Learn more about the coalition to address housing affordability here.

Pending Home Sales Grew for Third Straight Month, Up 0.8% in February

The Pending Home Sales Index (PHSI)* — a forward-looking indicator of home sales based on contract signings — improved 0.8% to 83.2 in February. Year-over-year, pending transactions dropped by 21.1%. An index of 100 is equal to the level of contract activity in 2001.

Baby Boomers Overtake Millennials as Largest Generation of Home Buyers

Twenty-six percent of all buyers were first-time buyers, the lowest since NAR began tracking the data and a decrease from 34% last year. Seventy percent of younger millennials and 46% of older millennials were first-time buyers. Behind these groups, only 21% of Generation X (43 to 57 years old) and 9% of younger boomers were first-time purchasers.

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