Latest news with #housingcosts
The Independent
6 days ago
- Business
- The Independent
Colorado's governor vetoes landmark ban on rent-setting algorithms
Democratic Gov. Jared Polis has vetoed a bill that would have made Colorado the first state to ban landlords from using rent-setting algorithms, which many advocates have blamed for driving up housing costs across the country. RealPage is the target of a federal lawsuit filed last year that accuses the real estate software company of facilitating an illegal scheme to help landlords coordinate to hike rental prices. Eight other states, including Colorado, have joined the Department of Justice 's lawsuit, though RealPage has vehemently denied any claims of collusion and has fought to have the lawsuit dismissed. Critics say RealPage software combines confidential information from each real estate management company in ways that enable landlords to align prices and avoid competition that would otherwise push down rents. RealPage's clients include huge landlords who collectively oversee millions of units across the U.S. The Colorado bill, which recently passed the Democratic-led Legislature along party lines, would have prevented the use of such algorithms. In a veto letter Thursday, Polis said he understands the intent of the bill but that any collusion among landlords would already violate existing law. 'Reducing market friction through legitimate means that do not entail collusion is good for both renters and landlords,' Polis wrote. 'We should not inadvertently take a tool off the table that could identify vacancies and provide consumers with meaningful data to help efficiently manage residential real estate to ensure people can access housing.' In a statement, RealPage applauded Polis' veto, calling it an example of 'courageous leadership.' 'This is the right outcome for all of us who desire a healthy housing ecosystem that benefits Colorado renters and housing providers alike,' said Jennifer Bowcock, a spokesperson for the Texas-based firm. But Polis' decision outraged local housing advocates and the American Economic Liberties Project, a consumer rights advocacy group that has helped lead the fight against RealPage and other companies that use rent-setting algorithms. 'This veto sends the devastating message that corporate landlords can keep using secret price-fixing algorithms to take extra rent from people who have the least,' said Sam Gilman, co-founder and president of the Community Economic Defense Project, a Colorado-based nonprofit. RealPage software provides daily recommendations to help landlords and their employees price their available apartments. The landlords do not have to follow the suggestions, but critics argue that because the software has access to a vast trove of confidential data, it helps RealPage's clients charge the highest possible rent. Although Colorado was the first state to pass a bill targeting rental algorithms, at least six cities have passed similar ordinances over the past year. They include Philadelphia; Minneapolis; San Francisco; Berkeley, California; Jersey City, New Jersey; and Providence, Rhode Island. RealPage has decried those measures and sued over Berkeley's ordinance, saying it violates the company's free speech rights and is the result of an 'intentional campaign of misinformation and often-repeated false claims' about its products. RealPage argues that the real driver of high rents is a lack of housing supply. It also says that its pricing recommendations often encourage landlords to drop rents since landlords are incentivized to maximize revenue and maintain high occupancy. A clause recently added to Republicans' signature ' big, beautiful ' tax bill would ban states and localities from regulating artificial intelligence for a decade. On Tuesday, five Democratic senators sent a letter to RealPage asking if the company was involved in getting that clause inserted.
News.com.au
22-05-2025
- Business
- News.com.au
Aus cities break into global top 10
Two Australian capitals have hit the top 10 of an elite global index, with two others penalised for shock surges in housing costs - seeing a surprise new top city named for the country. The Oxford Economics 2025 Global Cities Index – which uses a pool of over 40 economists to rank the world's top 1,000 cities across economics, human capital, quality of life, environment and governance – named a surprise leader in Australia, Melbourne, singling out major sporting events, cultural activities, and major green flags for its thriving universities. 'Stupid': Blunt warning amid RBA rate cut frenzy Sydney which just pipped for the Australian lead, hot on its tail in seventh position, after being smashed by economists in the environment category where it ranked 145th in the world due to 'severe temperature and rainfall anomalies' as well as bush fires. Brisbane was ranked 23rd off a heavy penalty for quality of life where it ranked 87th in the world, with a specific red flag being its shock cost of housing. The fourth city to make the world's top 50 was Perth which came in 31st spot, and like Sydney its worst category was environment where it ranked 208th in the world – not due to air quality or emissions but because of 'the severity of potential natural disasters and climate anomalies'. The top 10 cities on the index were New York, London, San Jose (California), Seattle, Melbourne, Sydney, Boston, Tokyo and San Francisco. Melbourne Melbourne was the highest-ranking Australian city after doing 'particularly well in the human capital and economics categories', the report said. 'Indeed, Melbourne has, in the last two decades, been catching up to Sydney in aspects ranging from economics to population size.' 'Because of its many art galleries and the fact that it hosts major sports events – such as the Australian Open and the Australian Grand Prix – Melbourne is widely considered to be the cultural and sporting capital of Australia.' First look: Influencer Emilee Hembrow's dream home build Its highest category ranking was 12th for human capital which Oxford Economics said was due to 'its many high-quality universities, with two of them notably belonging to the prestigious 'Group of Eight', a club of top Australian universities'. It ranked 16th for economics, 54 for quality of life, 67th for environment and 15th for governance, with its strengths being high life expectancy, many universities and a large foreign-born population, while weaknesses were high housing expenditure, its older age profile and more severe natural disasters. The report made a big call for the future saying 'Melbourne ranks highest out of all Australian cities in our index and is on a path to overtake its main competitor as Australia's largest city'. Sydney Oxford Economic said Sydney was 'the most iconic Australian city and the largest', the financial capital, with a large business services sector and key institutions like the Reserve Bank and Australia's stock exchange. Sydney's best category ranking was 10th in the world and first in Australia for human capital given two universities in the 'Group of Eight' and several others, high average educational attainment level and many foreign students. The New South Wales' capital's score in the category was given a big boost due to having the highest foreign-born population share of all Australian cities and 14th-highest globally. Zac Efron's Aussie long lunch haunt is on the market Weaknesses were its high housing costs, given steep rises in property prices and rents and weak housing supply, which impacted its quality of life score (39th in the world). Its worst ranking was in the environment category not due to pollution but because 'Sydney faces more severe temperature and rainfall anomalies than Melbourne (a city with a milder, temperate climate),' the report said, adding 'Sydney tends to be more affected by bush fires due to its forested surroundings, further increasing the environmental hazards.' 'Sydney has lost some ground to its main competitor, Melbourne, in recent years. Nevertheless, Sydney obtains a very strong result overall in our 2025 index.' Brisbane The Queensland capital was ranked 23rd in the world, after being the surprise recipient of the highest ranking in the country for governance (15th), benefiting from Australia's 'strong record on advancing political rights and civil liberties'. 'Its economy benefits from high levels of GDP, and employment growth is among the fastest in Australia. This is in part thanks to the city's involvement in the mining industry, for which it houses several company headquarters and operational offices.' But the report warned that reliance meant Brisbane's growth did tend to fluctuate with global commodities markets, having to rely on other sectors like education, tourism and technology to dampen those shocks – which saw it ranked 41st in the economics category. It said Brisbane had one of the youngest populations out of Australia's major cities with two major universities, one of which was in the 'Group of Eight' helping its human capital ranking of 46th. MORE: Buyer of $12m mansion plans to give it away Auction drama marks jaw-dropping sale of Aus' 'best build' Its lowest ranking was 87th for quality of life, 'although it is still in the top 100 globally', driven down by the cost of housing. 'Brisbane's growing population has caused demand for housing to increase, while supply has struggled to keep pace.' On environment Brisbane was ranked 54th in the world, with existing 'on a flood-plain' specifically flagged given it 'led to it being hit several times by damaging and deadly floods in recent history', causing widespread damage – but its natural disaster risks from storms were also flagged. Oxford Economics warned 'Brisbane has a strong economy with a capable workforce, but it will need to invest more into its housing and other infrastructure in order to improve affordability for residents and manage the effects of climate change'. Perth The fourth ranked city in Australia was Perth, which also came in at 31st on the global index, with its performance 'broadbased across the categories'. 'The city serves as the operational and export basis for a large part of Australia's important mining sector. This is both a strength and a weakness for Perth; mining activities generate substantial economic value for the city, contributing to a high GDP per person as well as a high rate of growth for a developed economy.' But Oxford Economics said that reliance 'comes with drawbacks, as it makes the city vulnerable to commodity price and demand fluctuations' ranking it 78th in the world for economics. Culture Kings founders' bold $30m push Perth was flagged as having the second-fastest population growth and the second-largest share of foreign-born residents in Australia, with a high level of educational attainment, and one university in the 'Group of Eight' boosting its human capital ranking (25th in the world). On governance it ranked 15th in the world, and quality of life came in at 63rd with specific mention of not all Perth residents benefiting from high incomes from mining, with high income inequality and high housing costs. Its isolation was flagged as a negative for its cultural life, but for environment Perth ranked 208th in the world due to 'the severity of potential natural disasters and climate anomalies'. 'A key challenge for Perth, then, will be to continue to attract talent to sustain its current growth path.'
CTV News
18-05-2025
- Business
- CTV News
Have falling rent prices made it easier to live in Toronto? We want to hear from you
Toronto's rental market has been in a steady decline for months, finally showing signs of softening — but has that made a real difference for you? This month, new data from and Urbanation, revealed average apartment rents in the city have dropped 7 per cent year-over-year. It's the 14th straight month of annual declines, pushing the average rent to a 32-month low of $2,589. At the same time, real estate data from the Toronto Regional Real Estate Board (TRREB) shows that condo sales in the city were down more than 30 per cent in April compared to the same time last year. As the market shifts, some renters are starting to see new perks including discounted lease terms, free months of rent, or other incentives landlords once rarely offered. But how far do those savings go in a city still well known for high housing costs? Are you finally seeing some breathing room in your budget — or are the deals not what they seem? We want to hear from you Whether you scored a rental deal that felt too good to be true or been offered an incentive, CTV News Toronto wants to hear from you. Are you seeing more competition, or less? Share your story by emailing us at torontonews@ with your name, general location, and phone number in case we want to follow up. Your comments may be used in a story. READ MORE:
CTV News
18-05-2025
- Business
- CTV News
Have falling rent prices made it easier to live in Toronto? We want to hear from you
Toronto's rental market has been in a steady decline for months, finally showing signs of softening — but has that made a real difference for you? This month, new data from and Urbanation, revealed average apartment rents in the city have dropped 7 per cent year-over-year. It's the 14th straight month of annual declines, pushing the average rent to a 32-month low of $2,589. At the same time, real estate data from the Toronto Regional Real Estate Board (TRREB) shows that condo sales in the city were down more than 30 per cent in April compared to the same time last year. As the market shifts, some renters are starting to see new perks including discounted lease terms, free months of rent, or other incentives landlords once rarely offered. But how far do those savings go in a city still well known for high housing costs? Are you finally seeing some breathing room in your budget — or are the deals not what they seem? We want to hear from you Whether you scored a rental deal that felt too good to be true or been offered an incentive, CTV News Toronto wants to hear from you. Are you seeing more competition, or less? Share your story by emailing us at torontonews@ with your name, general location, and phone number in case we want to follow up. Your comments may be used in a story. READ MORE:
CBC
13-05-2025
- Politics
- CBC
Hunting cocaine traffickers + Rising housing costs
As remote Canadian communities reel from a lethal Colombian cocaine crisis, The National tracks efforts by Canada's navy to hunt down the traffickers. Plus, why construction experts say housing costs will rise until Ottawa revamps immigration policy.
