New York City has officially banned building owners and property managers from using algorithm-based software to inflate rent prices due to concerns of collusion.
Governor Kathy Hochul signed a bill into law on Thursday, Oct. 16, as an effort to strengthen protections for renters in New York and ensure they aren’t exploited by rent-price fixing technology.
“Every New Yorker deserves a safe, stable place to call home,” Governor Hochul said in the release. “With this legislation, we’re opening more doors to homeownership and strengthening protections for renters — because every New Yorker deserves the fair chance to build a better life in a home they can afford.”…