Statement For · Community First Whatcom: Seth Mangold, Eukia Lemaster, and Finn Kurtz.
statement appears humanCommittee: Community First Whatcom: Seth Mangold, Eukia Lemaster, and Finn Kurtz.
Initiative 26-01 protects Bellingham’s rental market from technologies that explicitly increase rent prices in both the short and long term. Algorithmic pricing tools combine proprietary market data from subscribing property managers and landlords to calculate rent prices. These third-party platforms have the ability to increase the cost of living by suggesting that clients raise their prices collectively. When done by people, this is illegal price-fixing. Automation should not be a loophole to federal law. Coordinated pricing fundamentally undermines fair markets. The negative effects of these technologies are well-documented. According to nationwide reporting, algorithmically priced units are, on average, $70/month more expensive than their non-algorithmically priced counterparts. Rental price-fixing does real and lasting damage to communities. Affordable housing is not optional. It’s an essential need, both for people and a thriving Bellingham. 26-01 is based on a proven model that has already been successfully implemented across the country. Bellingham has the chance to join cities like Seattle, Portland, Philadelphia, Minneapolis, and Washington, D.C., in leading the fight against these predatory technologies. For more information please visit: Communityfirstwhatcom.org