Bill > A4872

This bill aims to combat rising rental costs in New Jersey, which the legislature has identified as an affordable housing crisis, by prohibiting certain coordinated actions among residential rental property owners that restrict competition. Specifically, it makes it illegal for rental property owners to use services of a "coordinator" – defined as a software, data analytics service, or entity that collects nonpublic information (like prices and lease terms less than a year old) from multiple owners, analyzes it using algorithms or automated processes, and then recommends rental prices or lease terms. It also prohibits coordinators from facilitating agreements that restrict competition and makes it unlawful for rental property owners to engage in "consciously parallel pricing coordination," which is a tacit or express agreement to manipulate rental prices, unless it's part of a rental price restriction program (like Section 8 housing) or involves properties owned by the same owner. The bill clarifies that licensed real estate brokers and certain third-party property managers acting within their contractual duties are exempt from these restrictions, and it also excludes multiple listing services. Violations will be treated under the "New Jersey Antitrust Act," and the bill mandates public education on its provisions.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A4872