San Francisco has formally banned software program that allowed landlords to collude on hire costs. The ordinance was unanimously permitted by the Board of Supervisors earlier this week and might want to cross a closing vote on Sept. 3 earlier than it goes into impact.The ban particularly targets the software program firms Yardi and RealPage. “Banning automated price-fixing will permit the market to work and convey down rents in San Francisco,” Board of Supervisors President Aaron Peskin stated in a press release saying the proposed ban. “We need to put extra items available on the market. Let’s be clear: RealPage has exacerbated our hire disaster and empowered company landlords to maintain items vacant deliberately. So we’re taking motion domestically to make sure our working renters can afford to stay right here.”In his proposal, Peskin says that a lot of San Francisco’s largest company landlords are shoppers for RealPage, together with town’s largest residential landlord, Brookfield Properties, Greystar, Fairness Residential, and UDR, Inc. In whole, 70% of all multifamily rental items within the metropolis are rented by a kind of firms.”Widespread use of worth fixing software program presents a brand new entrance within the housing affordability disaster,” stated Lee Hepner, an antitrust lawyer on the American Financial Liberties Venture. “In San Francisco and throughout the nation, RealPage’s software program has contributed to double-digit hire will increase, elevated charges of eviction, and synthetic housing shortage. We applaud Board President Peskin for placing ahead this pro-housing laws, which is in line with wanting new housing development to lead to decrease rents.”
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In a press release in June, RealPage claimed that its software program “advantages each housing suppliers and residents.” The corporate as an alternative says that housing affordability is the actual difficulty, which it says is brought on by elevated demand and a small provide of rental items in addition to onerous allow and zoning necessities, amongst different issues.
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