NY Landlords Banned from Using Algorithm Software to Set Rents
A new bill signed into law by Gov. Hochul prohibits landlords from using algorithm-based software to artificially inflate rents in New York.
The Council of Economic Advisors estimates that price-fixing algorithms cost renters nationwide $3.8 billion more in inflated rents in 2023.
- The legislation updates the state's antitrust laws to include algorithmic software.
- The U.S Department of Justice filed a lawsuit against RealPage, a company that uses algorithms to analyze rental data and provide price recommendations.
A win for every New Yorker who is struggling to make ends meet - Assemblymember Linda B.
Author's summary: NY landlords banned from using algorithmic rent-setting software.