How Anthony Perruzza voted at council

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1. 2024.MM23.18ADOPTED

   Protecting Tenants from Price-Fixing on Rental Apartments

   With vacancy decontrol and the Ford government’s removal of rent control on buildings constructed after 2018, Toronto renters are all too aware of escalating prices for vacant units and annual double-digit rent increases on an apartment they’re already renting. With a structural housing supply shortage driving rent inflation, landlords are said to pass on massive rent increases to tenants according to what the market will bear. But what if these large increases are not solely the machinations of the “free market”, but rather the product of illegal price collusion between landlords facilitated by the same algorithmic pricing software currently subject to antitrust investigations in the United States? In the U.S., the Federal Bureau of Investigation is investigating property management software company RealPage for illegal algorithmic rent setting through its software Yieldstar. The Department of Justice launched a lawsuit last August, claiming that the AI software allows landlords to collude on their rents, avoiding fair competition in the market. The influence of RealPage across U.S. rental markets was significant: it set roughly 60 person of prices in the…

   City Council · 2024-11-14 15:13 PM

   Adopt Item

   Anthony Perruzza's vote: Yes

   Majority required - MM23.18 - Adopt the item - part 1 only

   Motion result

   Carried

   Recorded tally

   24-1

   Source outcome