The Department of Justice has expanded its lawsuit against RealPage, a real estate software company, to include six major landlords, alleging they used algorithms to coordinate rent increases and drive up housing costs. The DOJ claims these companies shared sensitive pricing information through RealPage's YieldStar software, violating antitrust laws.
The Department of Justice has sued RealPage and six major landlords accusing them of algorithmic price fixing in the rental market.The Department of Justice has expanded its lawsuit against the real estate software company RealPage to include six of the nation’s largest landlords.
The companies added to the suit are Greystar Real Estate Partners LLC Blackstone’s LivCor LLC; Camden Property Trust; Willow Bridge Property Company; Cortland Management LLC; and Cushman & Wakefield Inc. and Pinnacle Property Management Services LLC, which are jointly owned. Collectively, the companies operate more than 1.3 million units in 43 states, the DOJ said.
“Geystar’s director further disclosed its practices on accepting YieldStar rates and use of concessions,” according to the lawsuit. “As the conversation continued, the two competitors shared additional highly-sensitive information on occupancy—including in specific markets—demand, and the strategic use of concessions.”
Technology ALGORITHM PRICE FIXING REAL ESTATE LANDLORDS RENT CONTROL
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DOJ Adds Landlords to Antitrust Lawsuit Against RealPageThe U.S. Department of Justice has expanded an antitrust lawsuit against RealPage, a real estate software company, by adding six major landlords as defendants. The DOJ alleges that RealPage's algorithmic pricing software, which uses competitively sensitive information from landlords and rivals, facilitates a price-fixing scheme that harms renters by reducing competition.
Read more »
Justice Department Sues RealPage Over Rent-Setting AlgorithmThe Justice Department is suing RealPage, the company behind a widely used software that helps landlords set rental prices, alleging that its rent recommendation algorithm drives up prices and deprives renters of the benefits of competition. The DOJ, along with eight states, claims that RealPage obtains nonpublic rental price information from competing landlords and uses it to suggest rent rates, effectively ending concessions and discounts for renters.
Read more »
DOJ Sues Six Major Landlords Over Alleged Price-FixingThe Department of Justice (DOJ) has filed an antitrust lawsuit against six major landlords, alleging they conspired to keep rent prices artificially high. The lawsuit claims these companies, including Camden, Greystar, Cushman & Wakefield, LivCor, Cortland, and Willow Bridge, control a significant portion of the apartment market and engaged in price-fixing practices.
Read more »
DOJ Sues City of Brunswick for Trying to Close Christian Resource Center for the UnhousedThe Department of Justice has filed a lawsuit against the city of Brunswick, Florida, alleging that the city attempted to shut down a Christian resource center serving the homeless population. The DOJ claims the city's actions violated the First Amendment rights of the resource center.
Read more »
DOJ Sues City of Brunswick for Trying to Close Christian Resource CenterThe Justice Department filed a lawsuit against the city of Brunswick, Georgia, alleging that the city violated the Religious Land Use and Institutionalized Person's Act (RLUIPA) by attempting to close a faith-based resource center for the homeless, The Well.
Read more »
DOJ Sues City of Brunswick for Trying to Close Christian Resource Center for the UnhousedThe Department of Justice (DOJ) has filed a lawsuit against the city of Brunswick, Florida, alleging that the city attempted to shut down a Christian resource center that provides services to homeless individuals.
Read more »