Key Points:
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The delectably named “Preventing the Algorithmic Facilitation of Rental Housing Cartels Act” is about to sashay down the runway of the U.S. Senate. Senators have been eagerly prepping their most serious faces in readiness.
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The legislation focuses on software that allows landlords to compare rental prices with one another. Apparently, it’s not enough that they get to decide whether your beloved Fido can join you in your new digs–they now want some glorified computer program to tell them if they are charging enough for that shoebox-sized studio.
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The Act aims to prohibit this kind of nifty gadget from being used to fluff up rental prices unfairly. Its goal is to prevent a rental ‘cartel’ from being formed–because that’s just what we need, another shady cartel in the mix.
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Essentially, its mission is to lower rental prices and increase transparency about pricing decisions. It sounds like ideal world stuff, but Fido and I are all for it!
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Many tenant advocacy groups are barking (Fido-style!) their support for the Act. Even economists from Harvard and MIT, potentially fed-up of their sky-rocketing rent, are giving the Bill a big thumbs-up.
Hot Take:
Although the name may suggest a gritty Netflix cartel drama, rest assured, this titillating “Preventing the Algorithmic Facilitation of Rental Housing Cartels Act” is focusing its lens on the scintillating world of rental pricing. Picture me doing jazz hands.
Let’s put it simple: landlords are trying to evolve into landlord bots, using shiny new software to keep an eagle eye on each other’s pricing. It’s like a very unglamorous version of keeping up with the Joneses. But instead of comparing manicured lawns and fancy cars, they’re squabbling over rent price tags.
The Act is doing its best superhero impression, swooping down to save us all from high-rent doom and transforming the rental world into a TRANSPARENT place (Truly radical, I know).
So, will this potentially game-changing Act make it onto the law books? Or will it be booted out faster than a tenant with an unauthorized pet snake? Stay tuned, folks. In the meantime, Fido and I will be in the corner, hoping against hope that our rental dreams can come true.
Original article: https://www.inman.com/2024/01/31/new-legislation-aims-to-ban-algorithmic-pricing-of-rents/
