Oregon is facing an affordability crisis that threatens the stability and well-being of communities across our state. SB 722 addresses two critical issues that are making this crisis worse.

First, under current law, newly constructed housing is exempt from rent stabilization protections for 15 years. This lengthy period allows for unchecked rent increases that can rapidly transform neighborhoods and push out long-term residents. By reducing this exemption to 7 years, we strike a balance that still encourages new development while ensuring these units become part of the solution to long-term affordable housing more quickly.

Second, the growing use of price-fixing AI software represents a dangerous new threat to housing affordability. These algorithmic tools are designed to maximize profits by coordinating rent increases across properties, effectively eliminating market competition that might otherwise keep prices in check. This technology can simultaneously raise rents across entire neighborhoods, making housing costs surge beyond what many Oregonians can afford.

For thousands of Oregon families, these issues represent the difference between stable housing and displacement. Every excessive rent increase forces impossible choices between paying for housing and covering other essential needs like food, healthcare, and education.

SB 722 represents a crucial step toward ensuring that all Oregonians have access to stable, affordable housing. Help us create a fair housing market that works for everyone, not just those seeking to maximize profits.