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The Big Story
Is AI raising your rent?
Oct 1, 2024
The US Department of Justice is probing software that allegedly allows landlords to fix rental prices, raising concerns about digital price fixing. Insights from a corporate landlord's confession reveal this tactic is not just American but spreading in Canada too. The discussion dives into the mechanics of how algorithms impact rental prices and the lack of transparency in their use. It emphasizes the need for public debate on AI's role in economics and highlights the potential for government intervention to protect tenants.
16:47
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Quick takeaways
- The software Yieldstar facilitates coordinated price-setting among landlords, leading to significant, potentially illegal rent increases through algorithmic pricing.
- The investigation by the U.S. Department of Justice into algorithmic rent-setting practices raises critical questions about housing affordability and regulatory measures.
Deep dives
The Role of AI in Rent Increases
The emergence of software like Yieldstar is significantly influencing rental prices by facilitating coordinated price-setting among landlords. This subscription-based service enables corporate landlords to input confidential data, which the algorithm uses to generate rental price recommendations that are consistently above market rates. The U.S. Department of Justice is investigating the software, alleging it effectively allows landlords to form a housing cartel and violate antitrust laws. This raises concerns about not only current rent rates but also the future trajectory of housing affordability as AI-driven price fixing becomes more common.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode