"Building owners and property managers will no longer be able to use algorithm-based software to artificially inflate New Yorkers' rents as a result of a bill signed into law by Gov. Kathy Hochul on Thursday. The new legislation updates the state's antitrust laws to include the algorithmic software and comes after the U.S Department of Justice filed a lawsuit against RealPage, a company that uses algorithms to analyze public and private rental data."
"The Council of Economic Advisors estimated that price-fixing algorithms cost renters nationwide $3.8 billion more in inflated rents in 2023. The new legislation is "a win for every New Yorker who is struggling to make ends meet," according to Assemblymember Linda B. Rosenthal. "As we continue to enact laws that foster development and protect tenants from the hell being unleashed at the federal level, we must use every tool at our disposal to preserve our existing housing stock.""
Gov. Kathy Hochul signed a law preventing building owners and property managers from using algorithm-based software to artificially raise rents in New York. The legislation updates state antitrust laws to cover algorithmic pricing tools. The U.S. Department of Justice filed a lawsuit against RealPage, which analyzes public and private rental data, including vacancies and lease renewal rates, to recommend prices to landlords. The Council of Economic Advisors estimated price-fixing algorithms increased renter costs nationwide by $3.8 billion in 2023. Similar bans have been enacted in California, Jersey City, Philadelphia and Minneapolis. RealPage did not immediately respond to a request for comment.
Read at Gothamist
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