Latest news with #JavierMabrey
Yahoo
10-05-2025
- Business
- Yahoo
Groups urge governor to sign rent algorithm bill
DENVER (KDVR) — With the legislative session now officially over, Gov. Jared Polis has started making his way across the state to sign bills into law. He still remains unclear on where he stands on a number of measures, including one that deals with rent prices. Among the hundreds of bills that sit on the governor's desk is one that deals with price fixing and rent prices. Supporters are worried the governor may not sign it. 'Shout-out to every member of the House of Representatives and the Senate in my party in the legislature because they chose to side with renters. Not with corporate landlords, not with companies that have used math in a creative way to exploit working people. And now it's time for the governor to do the same,' said Rep. Javier Mabrey, a sponsor of the bill in the House. A bill that every Democrat at the state capitol voted in favor of could be in jeopardy. 'When the governor supports a bill, we all know it. We know what it feels like when the governor is clear in his support for a policy, and we also are clear when the governor is opposed to a policy. He lets that be known. On House Bill 1004, he's been a little bit ambivalent or circumspect,' said Senator Julie Gonzales, a Senate sponsor of the measure. Denver Nuggets vs. Oklahoma City Thunder Game 3: TV channel, time, what to know If it becomes law, House Bill 1004 would prohibit landlords and property owners from sharing data through AI software that uses that info to determine rent prices and occupancy said it keeps the cost of new apartment units around the same price as existing units, or it takes them off the market completely. 'These tools allow big corporations to partner with each other and work together to keep these prices up, and you know the big corporations do have a vested interest, and they lobbied hard to make sure this bill wouldn't get through. Ultimately, the legislature stood up for working people against big corporations and said: Hey, we are not going to pass these thoughts along to renters. We're going to say enough is enough,' said Sam Gilman, Community Economic Defense Project co-founder. The bill comes after the U.S. Department of Justice (under the Biden administration) and six states, including Colorado, sued landlords over their use of algorithms, but that litigation and the support of lawmakers may not be enough to get the governor's approval. 'There's 400 bills that we are looking at now, so we're looking at them now in the weeks ahead.' The governor has about a month to sign the bill or veto it. While he has not said which ones he plans to sign or veto, he did say he will keep everyone updated throughout the process. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-04-2025
- Business
- Yahoo
Colorado lawmakers trying to ban rent-setting algorithms — blamed for extra $3.8 billion cost to US renters
If you're a renter, do you know how your landlord sets the rent? In many parts of the country, it may be done using algorithms. These third party-run algorithms use proprietary and public data, and may allow landlords to indirectly collude on price or coordinate to charge higher rents. "What these companies are doing is they're replacing what used to be a smoke-filled back room with a computer algorithm,' Rep. Javier Mabrey of Colorado told ABC Denver 7. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it These algorithms have cost renters a lot of money, with a report released under the Biden administration estimating them to have cost U.S. renters $3.8 billion in 2023, with Denver renters in particular having paid, on average, $136 more per month. Now, lawmakers in Colorado, including Rep. Mabrey, are trying to ban them in House Bill 25-1004. So, what would the bill do? And, how would the ban affect renters and landlords? Here's what you need to know. This predictive software uses extensive market data to offer landlords profit-maximizing recommendations about rental terms, including pricing. A system, the American Economic Liberties Project says, can allow landlords to 'limit supply and drive up rents without explicitly sharing data … exploiting a loophole in laws that prohibit price-fixing.' But states have begun to take notice, and Colorado joined a lawsuit with seven other states and the Department of Justice against RealPage, a commercial revenue management software provider based in Texas. According to Economic Liberties, RealPage's clients comprise around 90% of investment-grade multifamily rental housing units in the U.S. The lawsuit, even if successful, may not be enough to fully protect consumers from all rent-setting algorithms, say some Colorado lawmakers. That's why they are trying to ban the software altogether. "We need to stand up and say, 'Enough is enough,'' Rep. Mabrey told Denver 7. 'We're not going to wait for the courts, and this is illegal in the state of Colorado.' Read more: The US stock market's 'fear gauge' has exploded — but this 1 'shockproof' asset is up 14% and helping American retirees stay calm. Here's how to own it ASAP The proposed bill would prohibit algorithmic devices if they are intended 'to set or recommend the amount of rent, level of occupancy, or other commercial term associated with the occupancy of a residential premises' by two or more landlords in the same or related markets. It would also ban algorithmic devices that recommend any of these terms 'based on data or analysis that's similar for each landlord.' Violations of the law would be considered 'an illegal restraint of trade or commerce' and would be punishable under Colorado's antitrust laws. The Colorado House of Representatives has approved the bill already, and it now heads to the state Senate. If it becomes law, unlike a similar bill that failed in 2024, Colorado would be a pioneer in passing this legislation — although other states have tried. Proposed bills prohibiting the algorithms also stalled in Illinois, New York and Rhode Island in 2024, while a similar bill did pass the Washington Senate and is now awaiting a House vote. Four cities have successfully instituted bans, though, including Minneapolis, most recently, as well as San Francisco, Philadelphia and Berkeley. Not everyone is in favor of these new laws, though. 'I just don't think we need more regulation, more legislation in this space where any time the government interferes, we distort the market, and the results are going to be unexpected," Rep. Chris Richardson told Denver 7. Richardson said many landlords are small business owners or elderly homeowners who could be hurt by the new rules. While the Colorado Apartment Association told Denver 7 that the algorithms are a 'critical tool' for assessing the market. It remains to be seen which argument will win out — and how rent prices will be affected in cities and states where bans pass. However, with housing costs already inflated in the post-pandemic era, renters would most likely appreciate any efforts to try to bring prices in check, especially if they are being artificially increased by modern methods of price collusion. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 3 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
27-03-2025
- Business
- Yahoo
Colorado politicians crack down on coordinated rents, pricing algorithms
DENVER (KDVR) — Colorado politicians are cracking down on rent algorithms that they say are driving up housing prices. HB25-1004 passed through the Colorado House on Wednesday with a 43-22 vote. Lawmakers say it would restrict the sale or distribution of an algorithmic device with the intent that it be used by two or more landlords in the same or related market when setting a rent price. Colorado attorney general says one of state's largest landlords uses deceptive advertising Colorado House Democrats cited a December 2024 report from former President Biden's White House that said coordinated rents from algorithmic pricing increased Denver rent prices by about $136 per month. 'In Colorado, it showed that rents are $1,600 higher a year because landlords are colluding, using this price-fixing software,' said bill sponsor Rep. Javier Mabrey, D-Denver. 'Working people, people who cannot afford to own homes are spending an extra $136 a month in rent because landlords are using this technology.' Opposers argue this bill may be anti-landlord and could cause them to leave the state. 'Rent is supposed to be a function of the marketplace and so a renter can go to a place and get one set of rents and then in theory, go to another place and get an entirely different rent structure. The argument is that instead of having that open marketplace, it's somehow coordinated,' said MSU-Denver Affordable Housing Institute director and finance lecturer Andy Proctor, who provided insight on rent algorithms. FOX31 reached out to the Denver Metro Chamber of Commerce in reaction to this bill passing in the House on Wednesday: The Denver Metro Chamber strongly supports the bill's intent to prevent anti-competitive practices in the housing market and ensure fair pricing. However, the bill's broad language raised concerns around unintended consequences, potentially setting precedents that could make it harder for businesses to operate in Colorado. Sponsors collaborated with stakeholders to address numerous concerns regarding the introduced bill, and we greatly appreciate their partnership in this effort. While we look forward to further clarification on the use of publicly available data, significant progress has been made in mitigating unintended consequences Denver Metro Chamber of Commerce VP of Government Affairs Carly West. This Denver metro city saw the biggest drop in rent prices over a year: Zumper FOX31 also reached out to the Colorado Apartment Association: We appreciate the bill sponsors listening to rental housing providers across Colorado about how these products are used and can save renters money. The amended bill helps avoid unintended consequences by allowing property owners to continue sharing publicly available information, making the rental housing market more efficient. Ultimately, that's a win-win for both rental housing providers — who have units empty for fewer days — and renters who benefit from a more accurate valuation of their monthly rent. The Colorado Apartment Association The bill will now go to the Senate. If it passes there, it will then go to the Governor's desk and could be signed into law. 'We are going to do everything in our power to help the people who are living paycheck to paycheck, which is 60% of the people in this country and almost all of them are renters,' said Mabrey. 'Trust-busting and having a strong anti-trust enforcement is a bipartisan tradition in this country that dates back more than 100 years. What this bill does is it clarifies that if you are colluding with a competitor to set your prices using an algorithm, that is against the law.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-03-2025
- Business
- Yahoo
Bill to remove Colorado requirement for second vote to unionize passes House committee
Kaiser Permanente workers with the SEIU Local 105 union strike on Oct. 4, 2023, at the Lakewood Medical Offices in Colorado. (Lindsey Toomer/ Colorado Newsline) A Colorado House of Representatives committee approved a bill Thursday that would make it easier to form unions in Colorado by removing the state's requirement for a second vote. Senate Bill 25-5, dubbed the Worker Protection Act, would eliminate a second election mandated by Colorado's Labor Peace Act to form a union, a requirement unique to Colorado that passed in the 1940s. Federal law allows employees to unionize with a simple majority vote, but Colorado workers must participate in a second vote with 75% approval to determine if workers who don't support the union have to pay representation fees. 'Strong worker protections and thriving business go hand in hand,' said Rep. Javier Mabrey, a Denver Democrat who sponsored the bill. 'All of us want business to thrive, but businesses thriving should not be on the backs of workers. It shouldn't be based on paying workers wages where they can't afford to live in the communities that they serve.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX The House Business Affairs and Labor Committee, meeting at the Colorado Capitol in Denver, voted 7-5 to pass the bill along party lines, with Republicans voting against it after witness testimony ran late into the night. One Democrat on the committee, Rep. Bob Marshall of Highlands Ranch, was excused during the vote. He offered an amendment the committee ultimately did not vote on because it was determined to be outside the scope of the bill's title, and bill sponsors said neither workers nor business asked for the changes the amendment proposed. In his opening remarks, Mabrey emphasized the fact that five former U.S. secretaries of Labor wrote to Colorado Gov. Jared Polis in support of the bill in early February, saying the requirement for a second vote creates 'an unnecessary barrier' to unionization. Polis has suggested that he will not support the legislation unless a compromise arises. At a press conference Thursday, Polis told reporters the bill is about 'the right of workers to have a say on whether they're forced to pay union dues,' and that a second election provides that. He said he will support a solution that presents 'a way of organizing that's more stable,' though he would not state directly whether he would sign the bill as is. 'I'm optimistic that labor and business are talking. I hope that those conversations are fruitful,' Polis said. 'I encourage both sides to come to an agreement that is good for business and good for labor.' Strong worker protections and thriving business go hand in hand. – State Rep. Javier Mabrey, a Denver Democrat Rep. Max Brooks, a Castle Rock Republican on the business committee, asked if the second vote was a 'barrier' as bill sponsors described it, or more of an additional step. Assistant House Majority Leader Jennifer Bacon, a Denver Democrat who also sponsored the bill, said the requirement for a second election adds more time that businesses and employers can dissuade workers from voting in favor of a union. 'If we know that a community of workers believes they want to work together, they should be able to make that decision once and not be challenged to have to do it again,' Bacon said. 'If we want to call it step, I'd be OK with that, but I do want to recognize that the step is much more rigorous than the first.' Terri Monley, who owns a 'family-owned and operated' moving company in Denver that opened in the 1970s, said the requirement for a second vote is 'an antiquated law that serves no common good.' She told the committee the decision on whether a contract should include union security should be between the workers and their employer. 'For far too long, the state Legislature has put the economic desires and the wants of the wealthiest above the rest of us,' Monley said. 'Putting arbitrary and onerous laws on people who are trying to form a union only delays and lengthens the process. There is no point to this tactic, except in helping businesses wear down their employees. And Colorado should have no role in this tactic.' Jeremy Ross, who spoke on behalf of the International Brotherhood of Electrical Workers, said 'not a single worker' has testified in opposition to the bill. He said workers have 'choice' throughout the whole process of unionizing and what the union will do for them. 'Not a single worker (came) up here and said, 'I am in a position where I was forced to pay union dues and I have no voice in where those union dues go,'' he said. 'The union process is a Democratic process from the very beginning, from the very second that you elect a union or if you're getting employment at a union employer.' Leaders with various business associations, chambers of commerce and companies testified against the bill. Sonia Riggs, president and CEO of the Colorado Restaurant Association, said the restaurant industry is 'being directly targeted by unions,' listing businesses in the state that have unionized in recent years. 'This bill is extremely burdensome for Colorado restaurant workers,' Riggs said. 'Any employee who isn't able to be there for the proposed one and only union vote for any reason — a school exam, a sick child or parent, bad weather or simply working a different shift — is denied a voice in an important decision that impacts whether or not they are forced to pay union dues or quit their jobs.' The bill passed the Colorado Senate in a 22-12 vote along party lines in February, with Republicans in opposition. It will now move to the House Appropriations Committee before it is heard on the House floor. SUPPORT: YOU MAKE OUR WORK POSSIBLE
