Padsplit founder pitches shared-room housing to council as a low-cost option
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Summary
Atticus LeBlanc, founder and CEO of Padsplit, presented his company's shared-bedroom model and data on unit counts, costs and outcomes during a council meeting discussion of an ordinance name change related to short-term/room-splitting rules.
Atticus LeBlanc, founder and CEO of Padsplit, presented the company's model for shared-bedroom housing and urged the council to consider the approach as a way to expand affordable options without public subsidy.
The presentation matters because councilmembers are considering an ordinance related to "pass splitting" (the transcript speaker suggested renaming the ordinance) and asked for an explanation of the model and how it might interact with local housing rules.
LeBlanc told the council he has worked in affordable housing for 20 years and described Padsplit as a platform that has grown to nearly 25,000 rooms across 26 states without using taxpayer dollars. He said the platform underwrites residents with low incomes, processes applications for $19, bills weekly or per payday, and typically requires a low move-in fee he described as averaging $81 (in lieu of traditional deposits). LeBlanc said the platform reports on-time payments to credit bureaus and that, on average, residents see about a 48-point increase in credit score and save roughly $366 a month.
LeBlanc said Padsplit requires rooms to meet federal HUD standards and runs background checks and biometric identity verification. He said the company can underwrite applicants with very low incomes, including “seniors on fixed income” and people earning under $15,000 per year, and that the platform’s hosts often turn units in under seven days. LeBlanc also described transfer policies for residents and claimed that 81 percent of residents are employed full time, with 15.5 percent on disability and 8 percent moving from unsheltered homelessness.
Councilmembers asked clarifying questions and staff agreed to route the presentation through the committee process; the audience included at least one participant who asked for the ordinance rename to avoid naming it after a brand. LeBlanc’s presentation closed with the request that council consider worker housing access in the city’s policy deliberations.
Ending: The council received the presentation and took no formal action on Padsplit during the meeting; staff indicated the ordinance name change would proceed through committee and further discussion could follow.