New York Bans AI-Powered Rent Price-Fixing Software
By
Elissa Welle
Not artisan, but a perfectly fine bagel. Hits the spot.
Summary
New York has become the first state to ban the use of AI-powered price-fixing software by landlords, with Governor Kathy Hochul signing legislation that prohibits algorithmic pricing tools used to set rental rates. The law follows similar city-level bans in Jersey City, Philadelphia, San Francisco, and Seattle. Companies like RealPage offer landlords algorithms that can optimize rents, determine ideal occupancy levels, and set lease renewal terms, which critics argue enables price-fixing behavior in the rental market.
Key quotes
· 4 pulledNew York is the first state to outlaw algorithmic pricing by landlords
Software companies such as RealPage offer landlords algorithms that can set rental prices
The software can also help determine the ideal number of people to live in a unit or the terms of a lease renewal
RealPage says it can help its clients 'optimize rents to achieve the overall highest'
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