Th City of Philadelphia just passed a new ordinance with a vote of 17-0 banning the use of algorithmic pricing for properties in the city. San Francisco was the first city to enact such a ban. Philadelphia is the second and it is expected that others across the nation will follow suit.
The city bill references an anti-trust motion brought by the department of justice.
The Justice Department alleges that RealPage's pricing software has features that are anticompetitive and therefore violate the Sherman Antitrust Act, a law passed more than a century ago.
Real Estate Espresso Podcast:
Spotify: The Real Estate Espresso Podcast
iTunes: The Real Estate Espresso Podcast
Website: www.victorjm.com
LinkedIn: Victor Menasce
YouTube: The Real Estate Espresso Podcast
Facebook: www.facebook.com/realestateespresso
Email: podcast@victorjm.com
Y Street Capital:
Website: www.ystreetcapital.com
Facebook: www.facebook.com/YStreetCapital
Instagram: @ystreetcapital