On Dec. 12, Seattle City Council voted 6-2 to pass CB 120643, which places a cap of two years of base rent plus the cost of tenant improvements on personal guaranty in commercial leases.
This legislation will lower the barrier of entry for new small businesses and restaurants in Seattle and protect an entrepreneur’s personal assets. Additionally, this change will ensure the vibrancy of neighborhood businesses across the city and advance equity for operators.
The final version passed includes an ongoing stakeholder process to evaluate the impacts and effectiveness of this legislation. This legislation now heads to the mayor for action.