02:18
The city of Los Angeles has vowed to prevent certain tech companies from engaging in "iBuying" in the city’s housing market.
Also known as "instant buying", a number of online real estate companies have been using algorithms to size up a home's value. The companies then make a cash offer to homeowners, with the ultimate goal of selling the property for a profit. City officials are worried about the negative impact on the housing crisis.
Check out The China Report, our new weekly newsletter. Subscribe here!