NJ lawmaker looks to ban algorithms blamed for jacking up your rent
A New Jersey lawmaker is looking to ban rent-setting algorithms that housing advocates blame for driving apartment prices sky-high.
The legislation is being eyed as New Jersey struggles with an affordability crisis, including a shortage of more than 200,000 affordable rental units, according to theRenters and agencies in multiple states have filed nearly 30 lawsuits, Jersey City’s $3,290 average rent for a one-bedroom apartment is the second-highest of any city in the country, one step down from New York City’s average of $4,300.
“So instead of competing — which is what drives our economy and creates any bargaining power for the tenant — it is suppressing competition and allowing, we believe, landlords to jack up rents, and it appears to jack up rents far beyond the levels that a competitive market would set,” he said. “If you build more housing, you'd have more supply, and the demand would decrease, and then you'd get your prices under control,” he said.cited a RealPage executive telling other real estate tech executives the company’s service was “driving” never-before-seen rent prices. The story described the executive saying rents had recently increased as much as 14.5%.
Garren, from 32BJ, said about 13,000 of the union’s members work in New Jersey, often in the buildings owned by landlords using this software. He said the union is interested in protecting renters in part because by allying with renters, it might be able to better help advocate for its workers — “the concierge and doorman and porters and cleaners maintenance workers.”Last month, the Jersey City Council unanimously passed a resolution calling on the state Legislature to ban rent algorithms.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Walmart Has Your Favorite Celebrity-Inspired Looks: Shop Summer Looks for LessHere's where to find your favorite celebrity-inspired looks at Walmart this summer.
Read more »
Kate Middleton Looks Radiant in First New Photo Since Announcing Her Cancer DiagnosisRoyal Portraits Over The Years
Read more »
Lana Del Rey Looks Like an Old Hollywood Star in a Tweed MinidressLana Del Rey is adding Harper's BAZAAR Cover Star to her long list of career accolades, and to celebrate - we decided to take a trip down memory lane.
Read more »
Toncoin price looks poised for 24% rallyToncoin (TON) price breaks out of a cup and handle pattern, a bullish continuation configuration.
Read more »
Brunello Cucinelli Spring 2025 Menswear CollectionBrunello Cucinelli Spring 2025 Menswear collection, runway looks, beauty, models, and reviews.
Read more »
Dsquared2 Spring 2025 Menswear CollectionDsquared2 Spring 2025 Menswear collection, runway looks, beauty, models, and reviews.
Read more »