Artificial Intelligence and Housing: Exploring Promise and Peril
On Wednesday, January 31, 2024, the Subcommittee on Housing, Transportation, and Community Development of the Committee on Banking, Housing, and Urban Affairs will hold a hearing to discuss the topic of “Artificial Intelligence and Housing: Exploring Promise and Peril.” The hearing will take place at the Dirksen Senate Office Building 538, starting at 10:00 AM.
The subcommittee aims to explore the potential benefits and risks of artificial intelligence (AI) in the housing sector. The witnesses invited to testify at the hearing are Ms. Lisa Rice, President and Chief Executive Officer of the National Fair Housing Alliance; Dr. Vanessa Perry, Interim Dean and Professor at the George Washington University School of Business and non-resident Fellow at the Housing Finance Policy Center, Urban Institute; and Mr. Nicholas Schmidt, Partner and Artificial Intelligence Practice Leader at BLDS, and Founder and CTO at SolasAI.
The use of AI in housing has the potential to revolutionize the industry, providing innovative solutions to long-standing challenges and improving efficiency in various areas. AI algorithms can analyze vast amounts of data to identify patterns and make predictions, aiding in decision-making processes related to housing affordability, access, and discrimination.
However, along with the promise of AI comes the potential for unintended consequences and risks. One concern is the potential for bias in AI algorithms, leading to discriminatory outcomes in housing practices. It is crucial to ensure that AI systems are designed and implemented in a way that is fair and unbiased, protecting the rights and interests of all individuals.
The subcommittee hearing will delve into these issues, exploring the promise and peril of AI in housing. The witnesses, with their expertise and experience in the field, will provide valuable insights on the topic. Their testimonies will shed light on the potential benefits of AI, as well as the challenges and ethical considerations that must be addressed in its implementation.
The hearing will be webcast live, allowing the public to actively engage in the discussion. Individuals with disabilities who require an auxiliary aid or service, including closed captioning for the webcast, can contact the committee clerk at least three business days in advance of the hearing date to ensure access.
By convening this hearing, the Subcommittee on Housing, Transportation, and Community Development demonstrates its commitment to exploring the potential of AI in housing while also addressing the associated risks. The insights gained from this hearing will contribute to informed decision-making in shaping future policies and practices related to AI in the housing sector.
In conclusion, the upcoming hearing on Artificial Intelligence and Housing provides an opportunity to delve into the potential benefits and risks of AI in the housing sector. By gathering insights from experts in the field, the subcommittee aims to understand how AI can be harnessed to address housing challenges while ensuring fairness and avoiding discrimination.
