Higher home prices due to state’s Climate Commitment Act?
July 15, 2024
Has Washington’s Climate Commitment Act resulted in higher home prices? Share your views!
In 2021, the Legislature passed SB 1526, Washington’s Climate Commitment Act (CCA). The CCA’s cap-and-invest program added about 43 cents to a gallon of gas and about 53 cents to diesel in the first year after it went into effect, according to the Washington Policy Center.
According to AAA, Washington’s gas prices average $4.27/gallon — meaning Washington drivers pay over $.75 more than the national average.
Higher home prices?
At the same time, the price for a median-priced home has now reached $640,000, requiring an annual household income of $151,500 and a $128,000 down payment.
Studies have shown Washington’s regulatory structure accounts for 23.8% of the final price of a new single-family home.
How does the CCA affect home prices?
It only makes sense that higher gasoline prices would make it more expensive for homebuilders’ and remodelers’ to build new homes or complete remodeling projects, but we want to hear from you!
Please take a few minutes to let us know how the increased gas prices due to the state’s CCA affect your business?
BIAW endorses Initiative 2117
At BIAW’s Summer Board Meeting, directors voted to endorse Initiative 2117. I-2117 prohibits state agencies from imposing any type of carbon tax credit trading. It also repeals legislation establishing a cap-and-invest program to reduce greenhouse gas emissions.