TRENTON – The Housing and Community Development Network of New Jersey (the Network) applauds Gov. Mikie Sherrill for signing into the law today the FAIR Act, which will curb the use of algorithmic pricing software that enables landlords artificially set rents far above market rates. Following the bill signing, Network Vice President of Policy and Advocacy Matthew Hersh issued the following statement:

“The FAIR Act is a key HouseNJ legislative priority and removes one of the many barriers facing people in search of an affordable home.

“While advancing the production of affordable homes and dismantling long-standing, racially discriminatory barriers to renting and homeownership remain essential, the Network and its members also continue to address the day-to-day obstacles that put affordable housing further out of reach. That includes ending the use of automated rent-setting tools that restrict access to reasonably priced market-rate housing. As former U.S. Attorney General Merrick Garland stated, software like RealPage 'enables landlords to share confidential, competitively sensitive information and align their rents.'

"This legislation builds on the multi-state antitrust lawsuit filed by the Biden administration, which challenged algorithmic price-setting practices that deprived renters of the benefits of competition in the housing market and harmed millions of Americans.

"As we work to secure long-term funding for the development of new 100 percent affordable homes and return vacant and abandoned properties to productive use, we must also ensure the housing market has the necessary guardrails to prevent rents from climbing even higher. The FAIR Act is an important step forward, and thanks to Governor Sherrill, legislative leaders, and the bill's prime sponsors, Assemblywoman Yvonne Lopez and Senator Brian Stack, it is now the law."

About the Housing and Community Development Network of NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 250 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.