KWASI Thompson, MP for East Grand Bahama, yesterday proposed “a onestop application process” that he suggested would cut through the “red tape” and increase the ease of doing business.
Describing the process of applying to government agencies and other relevant parties a “a bureaucratic maze”, Mr Thompson asserted that both local and foreign investors alike can benefit from a unified digital system which would see various government agencies working in tandem to provide quicker responses.
“Investors, Bahamian and foreign today, face a bureaucratic maze,” Mr Thompson said. “There’s multiple applications, overlapping agencies and endless red tape. Where is the Bahamas Investment Authority, the Grand Bahama Port Authority, the Registrar General’s Office, the Ministry of Works, Inland Revenue or Central Bank? It’s a system designed for delay, not delivery. And we can and we must do better.
“So for example… if there is an investor that wishes to come and build a hotel, because, again, we have challenges with
capacity. So if there is an investor that wishes to come and build a hotel, they must apply to Bahamas Investment Authority or if you in Grand Bahama you must apply to the Bahamas Investment Authority, and you must apply to the Grand Bahama Port Authority. You must go to the Registrar General’s office to incorporate a company. You must go to Inland Revenue to obtain a business licence. You must go to Central Bank to obtain exchange control, and then you must go to Ministry of works to obtain approval for your plans.
“All of these are different processes that you are applying, really, for the same project. And then again, if you want a work permit, you then have to apply the immigration for a work permit… This is what I said, when I said we can and we must do better. Countries like Estonia and Singapore, they’ve done it. So we can.
“The FNM proposes a single, unified digital business quarter, a one stop application process where all agencies work together, not in silos. One submission and real time approvals.”
Pointing to the current state of banking, Mr Thompson noted the struggles and long wait times associated with banking in The Bahamas adds to the red tape. He recommended
that banks get on board to make for a easier and quicker process. MR Thompson used the opportunity to comment on the sand dollar, questioning why it is not accepted at the various government agencies.
“It is a process that has to happen, and if you are able to connect the Central Bank and banks to this portal, then that process can be one singular process for the business owner,” Mr Thompson said. “What happens in the back of that process is that banks then can still do their processing. The Central Bank can also still do their processing. But as far as the business owner is concerned, as far as the investor is concerned, as far as the Bahamas investor is concerned, it is one business process that you apply. And then on the back end, because the central bank is tied into this process, because banks are tied into this process, they can access the documents that you have applied. They can do the same due diligence that they are doing, but it can be done in a quicker period of time.”
Agreeing with some of Mr Thompson’s ideas, Deputy Prime Minister Chester Cooper, noted that the environmental assessment contributes to the lengthy process “which by large measure, is the responsibility of the developer”. He
Golden Yolk programme ‘to deliver eggs by third quarter’
By FAY SIMMONS Tribune Business Reporter
MINISTER of Works and Family Island Affairs, Clay Sweeting anticipates eggs will be available through the Golden Yolk initiative later this year
Responding to criticism from Long Island MP Adrian Gibson about the project’s delay in Parliament yesterday, Mr Sweeting said the foundation of the facility on Gladstone Road is currently being poured by Ministry of Works staff.
“The Ministry of Works is undertaking the infrastructure aspect of the Golden Yolk project, and the good member for Long Island, I will even take him for a drive-up Gladstone Road to see,” said Mr Sweeting.
“The Golden Yolk project, all buildings from A to E, is under construction, actually, this morning. Mr Deputy, if you go to Gladstone, they are pouring the foundation right now. So I will ensure I carry you to see that project. And we anticipate that once the infrastructure aspect is completed, the Ministry of Agriculture will take carriage, and you will see eggs in the third quarter of this year, branded by the Golden Yolk here in country.”
Mr Gibson during his contribution criticised the Davis administration implementation of the programme noting that he has not “seen any evidence of this programme”.
“If this Golden Yolk programme was alive and well, we wouldn’t have this issue with Bahamians expressing concerns about eggs,” said Mr Gibson.
After Mr Sweeting’s comments, Mr Gibson said the programme has become a “golden joke” and pointed out that the Golden Yolk programme is supposed to collaborate with local farmers and provide infrastructure.
“Let me address the issue of the Golden Yolk programme that he spoke to. I always want to see programmes like this be successful. I believe in economic diversity. I believe in diversification. I believe
also said Prime Minister Philip Davis, who is also Minister of Finance, “has met consistently with clearing banks”.
“I’m pleased to report that the major banks in the country have indicated that once people submit the requirements, they’re able to open bank accounts in less than one hour,” Mr Cooper said. “Now, I haven’t seen this yet, and I have been a proponent to making it happen. But as a result of the intervention of the Honorable Minister of Finance, I am pleased to tell you this matter is at hand, and you should celebrate that.
Finally… the member makes it a pair by inference that there has not been any work in streamlining processes, when I can say there’s now an automated process for submitting permits online. paper gone. NEC meets regularly, unlike the previous administration, and of course, on a monthly routine, weekly basis, we’ve been able to make approvals below the NEC thresholds. So we have set new thresholds to make this process more efficiently.”
Mr Thompson added: “The point that I was making was after BIA, after you’ve gotten the approval, you then have to go through another series of different approvals. And my point is, there has to
in seeing our farmers and others thrive. I’m from a farming and fishing island,” said Mr Gibson.
“However, the Golden Yolk programme centre was promised at the very beginning of this administration has become a golden joke. Nothing has materialised. It’s what you talking about a building. This goes much more than a building. It’s supposed to also touch and concern persons who would be farming and contributing eggs to this program. We’ve not seen that. We’ve not seen that. We see them now trying to rush to import eggs from wherever they’re getting it from. That’s what we see.”
be a way to integrate these agencies, to make it one digital process. So the same time period that you you are able to do for BIA, we should integrate all of the different agencies, including the Central Bank and the banks, to integrate them into this process to allow for a shorter period of time, because after BIA, it still took a long period of time before they actually can put a shovel in the ground and start construction or hire persons.”
Mr Thompson suggested piloting the new system with Grand Bahama Shipyard and it’s $600m expansion.
“There’s an entire industry around the Grand Bahama shipyard, [an] entire marine industry around the Grand Bahama shipyard,” Mr Thompson said. “If you have this seamless process. Because, again, my understanding is that there are businesses that want to have a presence in Grand Bahama but the process which I describe, which is going to the Bahamas Investment Authority, go into the Grand Bahama Port Authority, go into Inland Revenue, going to the Registrar General’s office, going to national insurance, Central Bank and banks. It is a long process filled with bureaucratic delays.
“And the beauty of this is the companies, they
already do business with Carnival. They already do business with Royal Caribbean. They already do business with MSC, if MSC is involved in it. So if they already are connected with Carnival, they already connected to MSC, they’ve already gone through Carnival’s due diligence process. So these are not fly by night companies. They already have contracts with Carnival because they have a presence in Miami or in the US. And they already are connected to these companies.
“If we were to offer them this seamless process that have all of the agencies connected. And that seamless process also is if you are a company that is already connected to Carnival, if you are a company that is already connected to Royal Caribbean, then you can go through this seamless process. But what makes it work is if you are able to get the Central Bank, and also if you are able to get the banks on board. And then they can apply to one seamless process, the back end. All of these companies can be tied in the back end. All of these companies can do their processing and then give their approvals, or their non approvals, or go through that process.”
NOTICE
IN THE ESTATE OF DOROTHY BOWE a.k.a. DOROTHY WINTON BOWE late of Valencia Drive, South Beach in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.
Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and the particulars of their debts or claims duly certified in writing to the undersigned on or before the 10th June, A. D. 2025, after which date the Administratrices will proceed to distribute the assets having regard only to the proved debts or claims of which notice have been given.
Legal Administrative Assistant
The
And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date herein before mentioned.
EDWARD B. TURNER & CO. #24 Leonie Place
Flax Terrace off Malcolm Road Nassau, Bahamas
Attorneys for the Administratrices of the Estate of the late Dorothy Bowe a.k.a. Dorothy Winton Bowe
CIBC: First-half ‘casts doubt’ Gov’t to hit $70m deficit goal
2024, which enabled the country to generate $124m in interest savings dedicated to marine conservation over a 15-year period by swapping higher cost debt for lower-cost funding.
However, given the $139.3m year-over-year increase to a $398m deficit for the six months to end-2024, CIBC added its voice to those predicting that the Government will likely overshoot its $69.8m full-year deficit target given the magnitude of the near$330m surplus it needs to now achieve in the halfyear to end-June 2025.
“Greater spending, largely on good and services and interest payments, outweighed an expansion in tax collections,” the Canadian bank added.
“Following a 1.3 percent of GDP fiscal deficit in fiscal year 20232024, Government is targeting a 0.5 percent of GDP deficit for the current fiscal year 2024/25.
“While the half-year fiscal performance does cast some doubt on whether this outcome can be achieved, Government remained confident in its mid-year Budget review that it still expects to meet the fiscal target. Government also enacted the Domestic Minimum Top-Up Tax (DMTT) Act in November 2024, in line with the OECD’s Pillar Two Framework, which is expected to generate
additional revenue of $140m annually.” CIBC, though, is forecasting that the Government’s actual 2024-2025 deficit will come in just over a full percentage point of GDP higher at 1.6 percent. This, if such an outcome is realised, would place the fiscal deficit at just over $200m and some $140m-$150m higher than target. And it is also predicting that the Government will not achieve its planned Budget surplus, where revenue income actually exceeds total spending, as projected in the upcoming 2025-2026 fiscal year although the deficit will be much reduced at 0.4 percent of GDP - around $56m. This stands in contrast to the Davis administration’s projection of a $448.2m, or 2.9 percent of GDP, Budget surplus.
Kwasi Thompson, the Opposition’s finance spokesman, yesterday asserted that the CIBC report “highlights several troubling aspects of The Bahamas’ fiscal management that reflects persistent weaknesses in public financial governance”. He warned, in particular, about the “substantial rollover risk” identified by the Canadian bank as well as whether the Government is in compliance with the law on the use of ‘sinking funds’.
Section 56 of the Public Finance Management Act states that the minister of
finance shall disclose in the annual Budget the government securities and loans to be redeemed from the sinking funds, which were established as vehicles for the Government to accumulate foreign currency assets that would finance repayment of external bond issues when they mature.
Mr Thompson, though, is arguing that the $161.5m drawdown during the 20242025 Budget year’s first-half was never previously disclosed as required by the Act. “Our concern is that the Government is not following the law with respect to the sinking funds,” he told Tribune Business.
“The law is clear. If the Government wishes to use the sinking funds, which it has the right to do, they must say this to Parliament in advance of the Budget period. The law stipulates that ought to be done, and when the May Budget was passed there was no mention of it being used, and when the mid-year Budget was passed there was no mention of those being used.
“The Government must follow the law and be transparent when it comes to its fiscal affairs. That was our main concern with respect to the sinking funds.” The Ministry of Finance’s report on fiscal activities for the 2024-2025 budget year’s first half and second quarter disclosed that just $100.3m remains in the so-called ‘sinking funds’.
“For the review quarter, drawings on the sinking funds totaled $161.5m,” the report said of the three months to end-December 2024. “On a cumulative basis, the four sinking fund arrangements earmarked for scheduled retirement of external bonds, along with the Goldman Sachs repurchase agreement, held a value of $100.3m, of which $92.3m is subject to the repurchase agreement....
“In financing activities, the balance under the net acquisition of financial assets was a negative $161.5m as the Government utilised sinking fund proceeds to assist with meeting debt obligations. Additionally, net borrowing stood at $451.1m [for the 2024-2025 half-year] compared with a year-earlier $33.7m net repayment position.”
Previous Ministry of Finance reports revealed that, at end-June 2023, the same four ‘sinking funds’ held a total $378.6m in total assets, of which some $141.3m were covered by the February 2022 repurchase agreement with the Goldman Sachs. That saw the Government pledge more than $200m worth of sinking fund assets as collateral security for a foreign currency cash advance from the investment bank.
Based on those figures, the Davis administration has over an 18 month period employed a net $278.3m, representing 73.5 percent or almost three-quarters
PM: 10% BAHAMIAN EXPORT TARIFF NOT IN US DISCUSSIONS
FROM PAGE B1
expect that we should have a shared position on intelligence sharing, which they agreed to, and I think that will help them to appreciate where we are with what they call the our engagement in the anti money laundering, and the anti terrorism financing issues.”
The report alleged that The Bahamas “lacks... political will” to combat money laundering, fraud and other forms of financial crime and also asserted, without supplying evidence or examples, that country is viewed by fraudsters and corrupt persons as a “low risk” safe haven.
Mr Davis said that he did not discuss the ten percent
tariff the US imposed on the Bahamas at the meeting as it is a policy decision and they are waiting to see the impact of the imposed tariff.
He noted that as the Bahamas imports most items from the US “if there’s a trade imbalance, it’s on our side”.
“The question of the tariffs we did not discuss
of ‘sinking fund’ assets at end-June 2023, to cover its fiscal deficits and meet current - rather than future - debt obligations. In effect, it has been using assets held for future benefit to meet current needs, and not necessarily for the purpose for which they were accumulated.
Elsewhere, Mr Thompson told Tribune Business: “According to the report, despite a 10.4 percent yearon-year increase in tax revenue - primarily from higher departure taxes linked to cruise tourism - the Government’s fiscal deficit widened by $139.3m in the first half of fiscal year 2024-2025, reaching $398m.
“The expansion in revenue was outweighed by a 17.8 percent surge in public spending, notably on goods and services, interest payments and subsidies. Most concerning, the report notes that debt-financed expenditure pushed total direct government debt to $11.75bn or 79.2 percent of GDP as of December 2024, with domestic debt increasing significantly through Central Bank advances and short-term Treasury Bills.
“The heavy concentration of borrowing in short-duration instruments raises substantial rollover risk. These indicators, drawn directly from the CIBC Caribbean analysis, point to a government grappling with structural fiscal imbalances and resorting to reactive measures rather
because that is a policy decision on the part of the of the Americans, and we are not to engage. We didn’t deem it appropriate for us to engage in that at this time, because as presently advised, we are still seeking to see what the impact of that will be,” said Mr Davis. “Recognising that we export very little to the
United States. And if there’s a trade imbalance, it’s on our side, because everything we have or consume or import is from the United States.”
He also said AUTEC, the naval installation in Andros, was discussed with US officials and he affirmed the need for the Bahamians to economically benefit from its operations.
“While we value the strategic defence relationship between our two nations,
than implementing meaningful long-term reform.”
However, Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business last year that greater reliance on short-term Bahamian dollar government bonds has imposed greater fiscal “discipline” on the Davis administration, forcing it to be more transparent and accountable, while also benefiting taxpayers and the wider economy through reducing its borrowing costs.
He explained that the need to refinance almost 38 percent of its total Bahamian dollar debt during the current 2023-2024 fiscal year has imposed “guard rails”, which prevent the Government from engaging in reckless spending or other irresponsible financial actions, because doing so will undermine local investor confidence and potentially cause such rollovers to fail.
And, with Bahamian banks, insurance companies, pension funds and other Government bond buyers increasingly showing appetite for paper with maturities of five years or less, Mr Bowe told this newspaper that such trends are benefiting taxpayers because shorter-term debt typically attracts a lower interest coupon than the 20 and 30-year variety.
we must also ensure that Bahamians benefit meaningfully from the economic activity associated with that base,” said Mr Davis.
“Our American counterparts were open to further discussion on how to create more pathways for Bahamian contractors and workers to participate, and I will continue leading that conversation personally.”
Wall Street climbs in choppy trading after Fed warns of rising risks for economy, holds rates steady
By DAMIAN J. TROISE and STAN CHOE AP Business Writers
U.S. stocks ticked higher Wednesday after the Federal Reserve left its main interest alone, as was widely expected, but also warned about rising risks for the U.S. economy.
The S&P 500 gained 0.4%, coming off a twoday losing streak that had snapped its nine-day winning run. The Dow Jones Industrial Average added 284 points, or 0.7%, and the Nasdaq composite rose 0.3%.
Indexes swiveled repeatedly through the day, and the Dow briefly climbed as many as 400 points on hopes that the United States and China may be making the first moves toward a trade deal that could protect the global economy. The world's two largest economies have been placing ever-increasing tariffs on products coming from each other in an escalating trade war, and the fear is that they could cause a recession unless they allow trade to move more freely.
The announcement for high-level talks between U.S. and Chinese officials this weekend in Switzerland helped raise optimism, but some of that washed away
after President Donald Trump said he would not reduce his 145% tariffs on Chinese goods as a condition for negotiations. China has made the de-escalation of the tariffs a requirement for trade negotiations, which the meetings are supposed to help establish. Such on-and-off uncertainty surrounding tariffs has helped create sharp swings within the U.S. economy, including a rush of imports in the hopes of beating tariffs. Underneath those swings, as well
as surveys showing U.S. households are growing much more pessimistic about the future, the Fed said it continues to see the economy running "at a solid pace" at the moment.
Fed Chair Jerome Powell said that gives the central bank time to wait before making any potential moves on interest rates, even if Trump has been lobbying for quicker cuts to juice the economy.
"There's so much that we don't know," Powell said. So like the rest of Wall
Missouri poised to become first U.S. state to exempt stock sale
profits from income taxes
By DAVID A. LIEB Associated Press
INVESTORS who profit from selling stocks, real estate and other assets soon could reap an even larger benefit in Missouri, which is poised to become the first U.S. state to exempt capital gains from its income tax. Legislation that won final approval Wednesday would halt the capital gains tax this year for individuals and could eventually eliminate it for corporations, if state revenues keep growing. The tax repeal now heads to Republican Gov. Mike Kehoe, who has said he's "very supportive" of it. Though proponents hope it can spur the economy, detractors assert that the capital gains tax repeal will primarily benefit the rich and result in less tax revenue for public schools and services. The Republicanled Legislature overcame objections by Democrats only after expanding the bill with greater tax breaks for seniors and disabled residents and new sales tax exemptions for diapers and feminine hygiene products. Missouri's unique income tax carve-out comes as
Republican-led legislatures in at least eight other states have passed more traditional income tax rate reductions this year. It also comes as Congress weighs whether to renew and expand income tax breaks enacted during President Donald Trump's first term in office.
What is a capital gains tax?
Capital gains are profits from the sale of assets such as stocks, cryptocurrency or property. The federal government taxes long-term capital gains, on assets held for more than a year, at a lower rate than ordinary income.
All states that tax income also tax capital gains. Missouri currently is among 32 states and the District of Columbia that tax capital gains at the same rate as wages and other income, according to the nonprofit Tax Foundation. Eight states tax capital gains at a lower rate than other income.
Some Democratic-led states have been moving in the opposite direction. Maryland lawmakers last month passed a bill that would
impose a 2% capital gains tax on those with incomes over $350,000. And Washington lawmakers recently passed legislation to impose an extra 2.9% tax on capital gains over $1 million. Minnesota already imposes a surcharge on capital gains and other investment income over $1 million.
What's the case for eliminating the capital gains tax?
Proponents of axing the capital gains tax say the tax discourages investment and incentivizes people to hold onto assets instead of selling them and spending money elsewhere in the economy.
"When you tax something you get less of it," said Jonathan Williams, president and chief economist at the American Legislative Exchange Council, an association of conservative lawmakers and businesses. "The idea is, of course, you want more investment in your state."
Though ALEC has long backed the repeal of state capital gains taxes, Missouri House Speaker Pro Tem Chad Perkins said the idea came to him last year from
SPECIALIST Anthony Matesic works at his post on the floor of the New York Stock Exchange, Wednesday, May 7, 2025.
because of tariffs, which could both weaken the job market and push inflation higher.
"If the large increases in tariffs that have been announced are sustained, they are likely to generate a rise in inflation, a slowdown in economic growth and an increase in unemployment," Powell said.
Street and the world, the Fed is waiting to see what will actually end up happening in Trump's trade war and whether his tariffs, which were much stiffer than expected, will hit as proposed.
That's particularly the case after the trade war seems to be entering "a new phase," Powell said, where the United States is conducting more talks on trade with other countries.
To be sure, the Fed also said it appreciates that risks to the economy are rising
That could ultimately put the Fed in a worst-case scenario called "stagflation," where the economy is stagnating while inflation remains high. Such a combination is hated because the Fed has no good tools to fix it. If the Fed were to try to cut interest rates to bolster the economy and job market, for example, it could raise inflation further.
Raising rates would have the opposite effect.
In the meantime, big U.S. companies continue to produce fatter profits for the start of 2025 than analysts expected.
The Walt Disney Co. jumped 10.8% after easily beating analysts' profit targets, raising its profit forecast and adding more than a million streaming subscribers.
friends at an employeeowned construction company that was getting hit with the tax. He said his legislation also could benefit family farmers who want to sell their land.
The capital gains tax results in "lost economic opportunity, financial sclerosis, lower wages -- all of which serve to make Missouri less competitive both domestically and internationally," said Republican state Sen. Curtis Trent, who handled the bill in the Senate.
Who would benefit from the tax repeal?
Opponents say the wealthy will get the greatest reward.
Repealing Missouri's tax on capital gains would set "a worrisome precedent" nationally and "worsen economic and racial inequities," said Sam Waxman, deputy director of state policy research at the liberal-leaning Center on Budget and Policy Priorities.
One government study found that white families are more likely to report
Companies, though, are also continuing to warn about how uncertainty in the economy is making it more difficult for them to forecast their own finances. Chipmaker Marvell Technology slumped 8% after it postponed its investor day from June to an undetermined date because of uncertainty over the economy.
All told, the S&P 500 rose 24.37 points to 5,631.28. The Dow Jones Industrial Average added 284.97 points to 41,113.97, and the Nasdaq composite gained 48.50 to 17,738.16. In the bond market, Treasury yields fell following the Fed's announcement. The yield on the 10-year Treasury eased to 4.27% from 4.30% late Tuesday. Markets in Europe mostly lost ground, while markets in Asia rose. Indexes rose 0.1% in Hong Kong and 0.8% in Shanghai after Beijing rolled out interest rate cuts and other moves to help support the Chinese economy and markets as higher tariffs ordered by Trump hit the country's exports.
capital gains than some minorities. Among middleincome taxpayers, about 8% of white families benefited from the federal government's tax rates on capital gains and dividends compared to just 3% of Black families and 1% of Hispanic families, according to a 2023 U.S. Treasury Department report.
In Missouri, about 542,000 individual income taxpayers reported capital gains in 2022, amounting to just one-fifth of all filers, according to the Missouri Budget Project, a nonprofit research group that opposes the capital gains tax repeal. The group estimates that 80% of the tax relief would go to the wealthiest 5% of taxpayers.
What's the cost of repealing the capital gains tax?
Legislative researchers estimate Missouri's capital gains tax repeal could cost the state about $262 million annually when fully implemented. But that's disputed by both supporters and opponents.
The Missouri Budget Project estimates the cost could be nearly $600 million annually.
Photo:Richard Drew/AP
THE MISSOURI Capitol is shown on July 1, 2024, in Jefferson City, Missouri.
Photo:David A. Lieb/AP
Washington governor signs rent-control bill into law
By MARTHA BELLISLE Associated Press
Washington state Gov. Bob Ferguson signed a bill into law Wednesday that sets limits on rent increases, making the state among the first in the nation to provide protections for tenants.
The rent stabilization measure, House Bill 1217, adds Washington to states like Oregon and California that have sought new ways to curb homelessness.
Bill sponsor Sen. Emily Alvarado, a West Seattle Democrat, said the measure sets common-sense guardrails on the state's rental-housing market "so that hardworking families and older adults don't get unchecked excessive rent increases."
"Housing is not a luxury. It's a basic human need," Alvarado said at the bill signing. "And everyone in this state deserves a stable and affordable home."
The measure caps rent increases at 7% plus inflation or 10% — whichever is lower. The restrictions include single-family homes. The rent-increase cap for manufactured homes is 5%.
Lawmakers approved the plan on a 54-44 vote, with
five Democrats joining the Republican opposition. Ferguson praised Alvarado and the many advocates across the state who worked hard to get the bill passed. It almost didn't make it. It successfully moved through both houses, but two amendments added on the Senate floor sent it into a conference committee. Those amendments increased the cap from 7% to 10% plus inflation and exempted single-family homes. Opponents of the bill argued that developers would leave the state if it became law and said similar policies in Oregon and California added to those states' financial burdens instead of slowing the homeless crisis.
Oregon's rent-control bill was passed in 2019 and later updated to cap rent increases at either 7% plus the annual 12-month average change in the consumer price index for the U.S. West, or 10% — whichever is lower. The conference committee got the cap down to 7% plus inflation or 10% — whichever is lower, and restored protections for the 38% of renters who live in single-family homes. With
Ferguson's signature, it's now law. "This law is a good beginning. It's long overdue and it's urgently needed," Alvarado said. "Forty percent of the people in the state of Washington are renters or manufactured homeowners
and before today they had no protections over how high the rent can go, leading to pain and to devastating destabilization of families and communities."
Ferguson also signed nine other bills to help homeowners and renters. He said
when he campaigned for governor, affordable housing was the top issue voters raised, so he supports bills to help make it easier to secure housing.
"Let's make this the session of affordable housing,"
he said before signing the first measure. The other measures included limits on certain provisions in rental agreements, notices for mobile home communities, and property tax relief for disabled veterans.
