This bill aims to address the affordable housing crisis in New Jersey by making it unlawful to use algorithmic systems that influence the pricing and supply of residential rental units. It specifically prohibits rental property owners, as well as their agents or subcontractors, from engaging with coordinators—defined as individuals or entities that operate software or data analytics services performing a coordinating function. This function includes collecting and analyzing rental data from multiple property owners and recommending rental prices or lease terms. The bill also establishes that any agreements among rental property owners that restrict competition in the rental market are violations of the New Jersey Antitrust Act.

The legislation highlights the significant increase in rental prices in New Jersey and the detrimental impact of property management software that facilitates collusion among landlords. By outlawing these practices, the bill seeks to promote fair competition in the rental market and expand access to affordable housing, recognizing housing as a fundamental human need. The act will take effect four months after its enactment.