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A 3497 - Prohibits the Use of Algorithmic Devices to Coordinate Rent Prices - New Jersey Key Vote

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Title: Prohibits the Use of Algorithmic Devices to Coordinate Rent Prices

Signed by Governor Mikie Sherrill


See How Your Politicians Voted

Title: Prohibits the Use of Algorithmic Devices to Coordinate Rent Prices

Vote Smart's Synopsis:

Vote to pass a bill that prohibits the use of algorithmic devices to coordinate rent prices in New Jersey.

Highlights:

  • Establishes the “Forbidding the Algorithmic Inflation of Rent (FAIR) Act” to address the state’s affordable housing crisis and prevent artificial rent inflation (Sec. 1-2). 

  • Defines “algorithmic device” as software that performs calculations on data like rental prices or occupancy levels, but exempts basic spreadsheets that require human analysis (Sec. 3). 

  • Defines “competitively sensitive information” as nonpublic data including prices, supply levels, occupancy goals, and lease renewal dates (Sec. 3). 

  • Prohibits rental property owners from paying for or using the services of a “coordinator” that use algorithms to set or recommend rental prices and occupancy levels (Sec. 4). 

  • Prohibits any person or "coordinator" from facilitating agreements between property owners that restrict competition or manipulate the pricing of residential units (Sec. 4). 

  • Classifies the use of these rent-setting algorithms as a violation of the New Jersey Antitrust Act (Sec. 4). 

  • Prohibits municipalities from enacting local ordinances that conflict with the provisions of this act (Sec. 6). 

  • Requires the Attorney General to establish a location on the Department of Law and Public Safety website to receive complaints regarding suspected violations (Sec. 7). 

  • Specifies that this act takes effect on the first day of the 12th month following its enactment (Sec. 9).

Full Bill Text

See How Your Politicians Voted

Title: Prohibits the Use of Algorithmic Devices to Coordinate Rent Prices

Vote Smart's Synopsis:

Vote to pass a bill that prohibits the use of algorithmic devices to coordinate rent prices in New Jersey.

Highlights:

  • Establishes the “Forbidding the Algorithmic Inflation of Rent (FAIR) Act” to address the state’s affordable housing crisis and prevent artificial rent inflation (Sec. 1-2). 

  • Defines “algorithmic device” as software that performs calculations on data like rental prices or occupancy levels, but exempts basic spreadsheets that require human analysis (Sec. 3). 

  • Defines “competitively sensitive information” as nonpublic data including prices, supply levels, occupancy goals, and lease renewal dates (Sec. 3). 

  • Prohibits rental property owners from paying for or using the services of a “coordinator” that use algorithms to set or recommend rental prices and occupancy levels (Sec. 4). 

  • Prohibits any person or "coordinator" from facilitating agreements between property owners that restrict competition or manipulate the pricing of residential units (Sec. 4). 

  • Classifies the use of these rent-setting algorithms as a violation of the New Jersey Antitrust Act (Sec. 4). 

  • Prohibits municipalities from enacting local ordinances that conflict with the provisions of this act (Sec. 6). 

  • Requires the Attorney General to establish a location on the Department of Law and Public Safety website to receive complaints regarding suspected violations (Sec. 7). 

  • Specifies that this act takes effect on the first day of the 12th month following its enactment (Sec. 9).

Full Bill Text

Title: Prohibits the Use of Algorithmic Devices to Coordinate Rent Prices

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