Prohibits landlords from using algorithmic devices to set residential rent, declaring such use an unfair trade practice.

New York S09700 amends the real property law to prohibit landlords from using algorithmic devices to determine residential rent. The bill defines "algorithmic device" as a tool using algorithms to calculate data for advising landlords on rent amounts. It excludes certain reports and products used for affordable housing guidelines. The bill declares using such devices to be an unfair or deceptive trade practice, subject to penalties under the general business law. This prohibition applies to rental agreements executed after the act's effective date.

Prohibits landlords from using algorithmic devices to set residential rent, declaring such use an unfair trade practice.

New York S09700 amends the real property law to prohibit landlords from using algorithmic devices to determine residential rent. The bill defines "algorithmic device" as a tool using algorithms to calculate data for advising landlords on rent amounts. It excludes certain reports and products used for affordable housing guidelines. The bill declares using such devices to be an unfair or deceptive trade practice, subject to penalties under the general business law. This prohibition applies to rental agreements executed after the act's effective date.