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Congress is on top of this?
Wow.
How gullible are you? You really think that anyone in Congress rents their family home and lives in it?
This is the same Congres that cannot agree to national medical care, student debt, minimum wage, COVID prevention measures, or abortion?
Yeah, winning LOTTO is a better bet.
People in Congress do often rent an apartment in DC.
But this bill still doesn't do anything.
And frequently complain about how high DC rents are to the point of doing things like having multiple congresspeople in one house like college roommates.
They are unwilling to do anything even though it affects them. That's what's so amazing.
The bill, introduced by Sen. Amy Klobuchar, D-Minn
Yeah, that bill is DOA
....ooook.
So, even in the unlikely event this passes:
The legislation introduced by Klobuchar, called the "Preventing Algorithmic Collusion Act," would require rental companies to disclose if they are using algorithms to set rents. And it would direct the Federal Trade Commission to study how these algorithms are affecting competition.
So it doesn't actually do anything.
No fines. No actual outlawing of algorithmic price control.
It just forms a study group.
It is litetally the meme of 'lets form a committee to study the problem so that in 5 years we can propose a minor change and then means test that for 10 years.'
"Why not ask when you're going to rent: 'Are you involved with RealPage or one of these companies that sets rents?'"
Because in many cases, I don't have another choice in the market. Hard to hold out for better prices when the other option is homelessness
Also because there's nothing to compel these landlords into telling you the truth.
Sorry there is a limited amount of homes. Rents will stay high. You have to build more homes and apartments. With homes burning up at a rapid rate it is only going to get worse.
Unless there is a fee for vacancies, there is no reason to fill units that are built. More doesn't necessarily mean available and ownership of large number of properties gives landlords leverage in the market.
There are 16 million homes in the U.S. just sitting vacant.
https://unitedwaynca.org/blog/vacant-homes-vs-homelessness-by-city/