How New York Plans To End Predatory Pricing

Everything, and I mean everything, is getting more expensive these days. Clothes, food, gas, you name it, it's rising in price. Sure, there's plenty of external factors to blame, but what we may not have noticed is that these rises aren't consistent.

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There's a reason for that, and New York is trying to ensure that consumers are no longer bearing the load.

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What is Algorithmic Pricing?

We're all used to algorithms these days. They control every facet of your life, carefully curating the best online life for you. Unfortunately, this isn't just the next TikTok you're about to swipe on, it's also the prices you pay for your goods.

This is known as Surveillance Pricing, in which a company will use your personal data and assign a price for you that may be different than the next person. It's an unfair and predatory practice that allows companies to overcharge absurd amounts because you've shown in the past that you're willing to pay it.

How Will New York Combat This?

New York Attorney General Letitia James has put a new bill into motion, known as the "One Fair Price Act". This bill effectively would end all surveillance pricing across the state of New York, from online shopping to in-person electronic price tags that can change on a whim.

Consumers have a right to trust the prices they're paying, and by banning the use of algorithmic pricing, we can ensure everyone, not just a select few, can afford to live and enjoy their lives.