New York Enacts First Statewide Ban on Algorithmic Rent Pricing Tools
Governor Kathy Hochul has signed legislation banning algorithmic rent-setting tools statewide. The law targets software companies like RealPage, whose pricing systems reportedly contributed to billions in excess tenant costs.
Landmark Legislation Addresses Algorithmic Pricing
New York has become the first state to prohibit landlords from using software algorithms for setting rental prices, according to reports from the governor’s office. Governor Kathy Hochul signed the legislation Thursday, following similar municipal bans in several cities nationwide. The law specifically targets pricing systems that analysts suggest have distorted housing markets during an ongoing affordability crisis.
