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DOJ/Garland Does Not Want Landlords Sharing Rental Information
Posted on 8/23/24 at 2:38 pm
Posted on 8/23/24 at 2:38 pm
The Justice Department has filed a civil lawsuit against the real estate company RealPage, alleging the company’s software uses landlord data to artificially inflate the price of rent across the United States by quelling competition in the market. According to the complaint, the Texas-based company uses nonpublic data from landlords to train RealPage’s algorithm for pricing recommendations, creating a “vast scheme to subvert the competitive process,” one Justice Department official said.
“Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law,” Attorney General Merrick Garland said in a statement Friday. “We allege that RealPage’s pricing algorithm enables landlords to share confidential, competitively sensitive information and align their rents.”
The software, according to the complaint, uses non-public data provided by landlords to see what competitors are charging or offering to maximize the amount landlords can charge as well as other ways they can make more money from renters.
“The rent is too damn high, and this is one of the reasons why,” Garland told reporters during a press conference on Friday.
LINK
“Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law,” Attorney General Merrick Garland said in a statement Friday. “We allege that RealPage’s pricing algorithm enables landlords to share confidential, competitively sensitive information and align their rents.”
The software, according to the complaint, uses non-public data provided by landlords to see what competitors are charging or offering to maximize the amount landlords can charge as well as other ways they can make more money from renters.
“The rent is too damn high, and this is one of the reasons why,” Garland told reporters during a press conference on Friday.
LINK
This post was edited on 8/23/24 at 2:39 pm
16
Posted on 8/23/24 at 2:41 pm to ItzMe1972
In 15 minutes or less I could figure out the rent for a house. The computer can do it in a millisecond.
What’s the rub?
What’s the rub?
Posted on 8/23/24 at 2:42 pm to ItzMe1972
Seems like a pretty shitty practice. Collectively jacking the rates up in a given market for a larger profit margin.
Not in favor of government intervention but this stinks.
Not in favor of government intervention but this stinks.
Posted on 8/23/24 at 2:44 pm to ItzMe1972
quote:
company uses nonpublic data from landlords to train RealPage’s algorithm for pricing recommendations, creating a “vast scheme to subvert the competitive process
So, feeding an algorithm bad data to get a desired result is now the concern of the DOJ?
Al Gore and climate change fraudsters are fricked now
Posted on 8/23/24 at 2:45 pm to roadGator
quote:
In 15 minutes or less I could figure out the rent for a house. The computer can do it in a millisecond.
What’s the rub?
It seems to be more about the collusion aspect. All the landlords in an area getting together to fix prices. That's been illegal for a hundred years. Just because they are using an app to do it, doesn't make it legal.
I don't know anything about this specific case, that's just what I took away from the excerpt in OP.
Posted on 8/23/24 at 2:45 pm to ItzMe1972
this seems like the first govt intervention that I agree with.
Now go after that variable pricing BS Amazon does.
Now go after that variable pricing BS Amazon does.
Posted on 8/23/24 at 2:48 pm to ItzMe1972
We have a first amendment right to share information.
Posted on 8/23/24 at 2:51 pm to roadGator
quote:
What’s the rub?
It's collusion.
Posted on 8/23/24 at 2:52 pm to TrueTiger
quote:
We have a first amendment right to share information.
That's not what's happening.
Complex owners are signing over their pricing strategy/plan/decision-making to third parties, who sign up all the competition and set prices for a market.
You can't outsource your collusion/price fixing.
This post was edited on 8/23/24 at 2:54 pm
Posted on 8/23/24 at 2:56 pm to ItzMe1972
Here it comes folks. This is the setup for the National Rental Price freeze Kamabla will soon be espousing.
Posted on 8/23/24 at 2:56 pm to David_DJS
I missed the not publicly available part.
Posted on 8/23/24 at 3:01 pm to ItzMe1972
quote:Realpage are a bunch of pricks, but data mining isn’t a crime. Anyone that looks up comps would be a criminal.
“We allege that RealPage’s pricing algorithm enables landlords to share confidential, competitively sensitive information and align their rents.”
Why isn’t Garland going after appraisers?
Posted on 8/23/24 at 3:03 pm to Timeoday
quote:
Here it comes folks. This is the setup for the National Rental Price freeze Kamabla will soon be espousing.
Democrats will weaponize anything, but reality is this practice is blatantly illegal and has undergone scrutiny predating Garland, and in the case of the state of AZ - our Dem AG.
Posted on 8/23/24 at 3:04 pm to ItzMe1972
Remember
100% of Democrats claimed this arse wipe was a moderate!
Would have ruined the Court. Thanks Turtle! Now please retire.
100% of Democrats claimed this arse wipe was a moderate!
Would have ruined the Court. Thanks Turtle! Now please retire.
Posted on 8/23/24 at 3:13 pm to ItzMe1972
How is that different than what airbnb does?
Posted on 8/23/24 at 3:15 pm to ItzMe1972
I work for Realpage’s biggest client in the apartment industry. The software is called Yieldstar. Do a google search. It’s both creative and great for owners of these assets…but it definitely sucks for renters.
Posted on 8/23/24 at 3:20 pm to RedmanChew
quote:
this seems like the first govt intervention that I agree with.
They sued Live Nation and Ticketmaster back in May. The only thing the Biden administration had done that I liked.
Posted on 8/23/24 at 3:21 pm to C
quote:
How is that different than what airbnb does?
I don't know how aribnb works. Does airbnb set prices for the property owners?
Posted on 8/23/24 at 3:22 pm to Taxing Authority
quote:
data mining isn’t a crime.
Maybe not, but sharing that data with others to collude to fix prices is most definitely a crime.
Posted on 8/23/24 at 3:22 pm to Taxing Authority
quote:
Realpage are a bunch of pricks, but data mining isn’t a crime. Anyone that looks up comps would be a criminal.
They're doing a little more than that, they are working with landlords to set prices in an area (ie: collude). This is completely counter to the idea behind free market competition.
quote:
Why isn’t Garland going after appraisers?
:whynotboth.gif:
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