US Justice Department accuses six major landlords of scheming to keep rents high
US Justice Department accuses six major landlords of scheming to keep rents high
The U.S. Justice Department is suing several large landlords for allegedly coordinating to keep Americans’ rents high.
cross-posted from: https://lemmy.world/post/24025241
Summary
The U.S. Justice Department, joined by 10 states, has sued six major landlords and RealPage, a company behind a rent-setting algorithm, accusing them of colluding to keep rents high by sharing sensitive pricing data and avoiding competition.
The landlords, operating over 1.3 million units, allegedly used RealPage's algorithm and coordination to align rents, exacerbating the housing crisis.
One landlord has agreed to cooperate with prosecutors.
Critics argue this scheme worsens affordability issues for renters, who already face record rent burdens amid a strained housing market.
