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Canadian mega landlord using AI 'pricing scheme' as it hikes rents
Software the U.S. government says is illegal gives landlords ability to coordinate rent hikes. Now it’s being used in Canada by developer Dream Unlimited
raids earlier this summer on several U.S. corporate landlords who use the software, the Department of Justice says RealPage has “found a modern way to violate a century-old law through systematic coordination of rental housing prices.” The provincial maximum on rent-controlled apartments last year was 2.5 per cent, but Sharpe’s building has no limit because Ontario Premier Doug Ford removed controls on any rental units built or occupied after November, 2018. But according to the U.S. government’s case, YieldStar’s algorithm can drive landlords to collude in setting artificial rates based on competitively-sensitive information, such as signed leases, renewal offers, rental applications, and future occupancy.
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