New York City’s rental market is arguably the country’s worst. Its metro area’s housing shortage exceeds 400,000 homes. Median asking rent has risen 7.3% year over year in New York City. San Francisco rents have risen twice as fast at 16.9%. These cities now have the nation’s highest rents.
Beyond high rents and scarce housing supply, these cities share another feature: Their state or local governments have banned algorithmic rent-setting, indicting technology for rising rents.
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