Rules derail $39M housing investment

Washington’s Court of Appeals ruled that GRE Downtowner LLC can proceed with claims that Seattle rental regulations amounted to an unconstitutional taking of its 254-unit affordable housing property. The company says rent collections fell from 93.9% in 2018 to 44.1% in 2023, contributing to nearly $5.8 million in operating losses; the property entered receivership in January 2026 after a mortgage default. Seattle officials said they are reviewing the ruling and have not decided whether to appeal.

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