Michael Luis is a public policy consultant who has been wrestling with housing, growth and economic development issues around Washington State for over 30 years. He is author of several books on local history and served as mayor of Medina.
Urban Growth Boundaries (UGBs) have scarcely moved in King County since they were first drawn in the 1990s, so the supply of land that can be subdivided into normal building lots has been steadily shrinking.
The drops in rents we have seen in the past year have mostly happened in expensive markets where renters have been less likely to be burdened. Rents in markets that are both more affordable and have high rate of rent burden, have actually risen.