Recently Governor Mikie Sherrill signed the Forbidding the Algorithmic Inflation of Rent (FAIR) Act into law. This will ensure that property owners, management groups and landlords cannot use rent fixing software to calculate rents that in turn artificially inflate housing costs.
“Housing affordability is one of the defining challenges facing New Jersey, and we’re using every tool available to bring costs down,” said Governor Mikie Sherrill. “Landlords, who should be competing to provide the best price to renters, are instead colluding to drive prices up through so called ‘algorithmic pricing.’ That stops now. As we continue our whole-of-government approach to addressing our housing crisis, this legislation is another important step toward making our state more affordable.”
The use of this software has increased in popularity throughout the country and now New Jersey is the fourth state that has taken this step to explicitly regulate rent setting algorithms. Making ends meet is hard enough without families having to compete with some artificial computer program deciding on what their rent price should be. This law will help level the playing field.
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