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TITLE: US Senators Propose Legislation to Prevent Price Fixing in Rental Housing Market

DATE: February 4, 2024, 9:00 AM HST

CONTENT:

US Senators Mazie K. Hirono (D-HI) and Ron Wyden (D-OR) have introduced a new bill aimed at cracking down on companies that facilitate the use of pricing algorithms by landlords to artificially inflate rental prices in high-priced markets. The legislation, titled the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act, seeks to regulate and prevent anti-competitive behavior in the rental housing market.

Sen. Hirono emphasized the need for the bill, stating, “Landlords have been colluding by using pricing algorithms to keep rent artificially high, cheating families out of fair housing prices. This bill would regulate the use of these collusive pricing algorithms and ensure that families can access the housing they deserve on fair terms.”

The proposed bill outlines several key provisions, including making it unlawful for rental property owners to contract for the services of a company that coordinates rental housing prices and supply information, designating such arrangements as a per se violation of the Sherman Act. Additionally, the bill would prohibit the practice of coordinating price, supply, and other rental housing information among multiple rental property owners. It also seeks to prevent mergers that create a risk of materially lessening competition in the rental housing market and allows individual plaintiffs to invalidate arbitration agreements or joint action waivers that would prevent them from bringing a suit under the act.

The Preventing the Algorithmic Facilitation of Rental Housing Cartels Act of 2024 has garnered endorsements from organizations such as the American Economic Liberties Project, the National Low Income Housing Coalition, and the National Alliance to End Homelessness.

The full text of the legislation can be accessed online.

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