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Of all the reasons why your rent’s too high, did you have an algorithm-powered illegal cartel on your list?

Millions of people across the U.S. pay far more rent than they can reasonably afford. There’s a surprising factor driving up rental prices: landlords colluding with the help of technology, according to a new lawsuit #PriceFixing #rent #economy
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Robo price-fixing: Why the Justice Department is suing a software company to stop landlords colluding on rents

RealPage, Inc. provides software that lets landlords keep rental prices high. The Justice Department cried foul on the price-fixing practice.
The Conversation
#economy #rent #pricefixing
in reply to The Conversation U.S.

Jane
Jane
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Worth noting that the DOJ only became aware of this because of investigative reporting by @ProPublica :

propublica.org/series/rent-bar…

Thank you both for covering this collusion problem that is creating widespread homelessness and financial precarity 🙏


Rent Barons

Powerful interests, including a real estate tech company and private equity firms, are contributing to soaring rents.
ProPublica
@ProPublica
in reply to The Conversation U.S.

Labelsare Invented
Labelsare Invented
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A couple years ago I got into a discussion with a person who managed a nearby apartment complex, or rather their title was manager but FPI owned the property and this person was an employee. I asked about the high rent and they kept saying it was the market rate and so I asked what set the market rate and they could not answer. The lack of understanding told me everything I needed to know about how the market rate was set.
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