Latest posts tagged with #PriceCollusion on Bluesky
🤖💰 Can algorithms collude without a secret handshake? Researchers say even harmless pricing strategies can lead to higher prices—leaving buyers in a pinch! What should regulators do about this? #AIethics #PriceCollusion #Economics LINK
![The US Justice Department has expanded its antitrust lawsuit against RealPage, a property management software vendor, to include six major landlords accused of using algorithmic rent-fixing to keep rents artificially high[1][3]. The expanded lawsuit now targets Greystar Real Estate Partners LLC, Blackstone's LivCor LLC, Camden Property Trust, Cushman & Wakefield Inc and Pinnacle Property Management Services LLC, Willow Bridge Property Company LLC, and Cortland Management LLC[1].
These companies, which oversee more than 1.3 million rental units across 43 states and the District of Columbia, are alleged to have violated antitrust laws by sharing non-public data and using algorithmic price setting to maintain high rent prices[1][3]. The lawsuit claims that these landlords not only relied on RealPage's pricing algorithm but also communicated directly with each other to keep prices aligned through "market surveys" and "user groups"[1].
The Justice Department has proposed a settlement with one defendant, Cortland, which manages over 80,000 rental units across 13 states[1]. If accepted by the court, Cortland would cooperate with the case against the other companies and agree to restrictions on using competitors' data for pricing and third-party pricing algorithms[1].
This lawsuit comes amid a housing affordability crisis in the United States, with half of American renters spending more than 30% of their income on rent and utilities in 2022[3]. The DOJ's action aims to address the alleged practice of "putting profits over people" and make housing more affordable for millions of Americans[1][3].
#RentPricing
#AntitrustLaw
#DOJ
#RealPage
#AlgorithmicPricing
#HousingAffordability
#RentControl
#PropTech
#Blackstone
#Greystar
#RentFixing
#HousingCrisis
#LandlordLawsuit
#RentalMarket
#PriceCollusion](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:3epzqefaicyxkh2z3fywbmy5/bafkreien6ifs7tyrfwigm52fbnjt7objobbwzfepjtcns4kgchbkoylp3i)
The US Justice Department has expanded its antitrust lawsuit against RealPage, a property management software vendor, to include six major landlords accused of using algorithmic rent-fixing to keep rents artificially high[1][3]. The expanded lawsuit now targets Greystar Real Estate Partners LLC, Blackstone's LivCor LLC, Camden Property Trust, Cushman & Wakefield Inc and Pinnacle Property Management Services LLC, Willow Bridge Property Company LLC, and Cortland Management LLC[1]. These companies, which oversee more than 1.3 million rental units across 43 states and the District of Columbia, are alleged to have violated antitrust laws by sharing non-public data and using algorithmic price setting to maintain high rent prices[1][3]. The lawsuit claims that these landlords not only relied on RealPage's pricing algorithm but also communicated directly with each other to keep prices aligned through "market surveys" and "user groups"[1]. The Justice Department has proposed a settlement with one defendant, Cortland, which manages over 80,000 rental units across 13 states[1]. If accepted by the court, Cortland would cooperate with the case against the other companies and agree to restrictions on using competitors' data for pricing and third-party pricing algorithms[1]. This lawsuit comes amid a housing affordability crisis in the United States, with half of American renters spending more than 30% of their income on rent and utilities in 2022[3]. The DOJ's action aims to address the alleged practice of "putting profits over people" and make housing more affordable for millions of Americans[1][3]. #RentPricing #AntitrustLaw #DOJ #RealPage #AlgorithmicPricing #HousingAffordability #RentControl #PropTech #Blackstone #Greystar #RentFixing #HousingCrisis #LandlordLawsuit #RentalMarket #PriceCollusion
Citations: [1] https://www.theregister.com/2025/01/08/feds_expand_algorithmic_rent_lawsuit/ [2] https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent [3] https://mynorthwest.com/4026281/us-justice-department-accuses-six-major-landlords-of-scheming-to-keep-rents-high/ [4] https://www.morningbrew.com/stories/2024/08/23/real-estate-tech-illegally-drove-up-rents-doj-says [5] https://www.vox.com/money/370351/realpage-doj-lawsuit-rent-algorithm-pricing [6] https://www.google.com/support/answer/1386831 [7] https://klse.i3investor.com/web/blog/detail/future_tech/2025-01-08-story-h497780153-Uncle_Sam_now_targets_six_landlord_giants_in_war_on_alleged_algorithmic_ [8] https://www.orrick.com/en/Insights/2024/09/DOJ-Takes-Aim-at-AI-Powered-Rent-Prices [9] https://twitter.com/TheRegister/status/1876797467397652911
#RentPricing
#AntitrustLaw
#DOJ
#RealPage
#AlgorithmicPricing
#HousingAffordability
#RentControl
#PropTech
#Blackstone
#Greystar
#RentFixing
#HousingCrisis
#LandlordLawsuit
#RentalMarket
#PriceCollusion
FBI Raids Corporate Landlord Management Co. For Price Fixing crooksandliars.com/2024/06/fbi-raids-corpor... #RealPage #RentFixing #PriceCollusion
