ASSEMBLY APPROPRIATIONS COMMITTEE

STATEMENT TO

ASSEMBLY COMMITTEE SUBSTITUTE FOR

ASSEMBLY, No. 3497

STATE OF NEW JERSEY

DATED:  JUNE 8, 2026

      The Assembly Appropriations Committee reports favorably an Assembly Committee Substitute for Assembly Bill No. 3497.

      The bill establishes the “Forbidding the Algorithmic Inflation of Rent (FAIR) Act.” 

      Specifically, the bill makes it unlawful under the “New Jersey Antitrust Act” for:

(1)  a rental property owner, or any agent, representative, or subcontractor thereof, to receive, subscribe to, contract for, or otherwise exchange any form of consideration in return for the use of, the services of a coordinator;

(2)  a coordinator to facilitate a tacit or express agreement among rental property owners that restricts competition with respect to residential dwelling units, including by performing a coordinating function; 

(3)  two or more persons to engage in parallel pricing coordination;

(4)  any agent or representative of a coordinator or subcontractor thereof to engage in parallel pricing coordination; or

(5)  any person to perform a coordinating function.

      “Coordinator” is defined in the bill to mean any person who operates a software or data analytics service that performs a coordinating function for any rental property owner, including a rental property owner performing a coordinating function for their own benefit. “Coordinator” excludes a government entity setting or limiting rents or sale prices of residential property through affordability controls in accordance with law.

  Additionally, the bill states that its provisions:

      (1)  do not limit the application of authorization under current law to investigate antitrust violations or alleged violations; and

      (2)  do not authorize or permit conduct already illegal under current antitrust law.

      A municipality is also prohibited from enacting an ordinance that conflicts with the bill.

      Lastly, the Attorney General is charged with establishing, on the official website of the Department of Law and Public Safety, a location to receive complaints alleging any violation or suspected violation of the bill.

FISCAL IMPACT:

      Fiscal information for this bill is currently unavailable.