Automated price-fixing screwing over tenants? Fog off!
The San Francisco Board of Supervisors this week approved a ban on algorithmic price setting in the rental housing market, a measure targeting real estate management software from the likes of RealPage and Yardi that has been blamed in part for high rents.Other factors beyond algorithmic price setting and lack of housing supply can contribute to rental pricing, including private equity rental investment, housing costs, and construction costs.
The ban – believed to be the first of its kind in the United States – awaits final approval from the Board of Supervisors on September 3, 2024. The city ordinance states,"It shall be unlawful to sell, license, or otherwise provide to San Francisco landlords any algorithmic device that sets, recommends, or advises on rents or occupancy levels that may be achieved for residential dwelling units in San Francisco."
That's probably a violation of US antitrust law, according to University of Arizona law professor Barak Orbach."The use of nonpublic sensitive business information of firms to generate optimization recommendations for other firms is a facilitating practice that likely violates Section 1 of the Sherman Act," concluded Orbach inFollowing ProPublica's findings, RealPage and Yardi were sued in antitrust price fixing claims.
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