New Jersey Sues Property Management Software Firm RealPage, Says Collusion With Landlords Drives Up Rents (reuters.com) 15
New Jersey sued the property management software company RealPage, accusing it and 10 of the state's largest landlords of conspiring to drive up residential rents, violating federal and state antitrust laws and New Jersey consumer fraud laws. From a report: The complaint filed on Wednesday by state Attorney General Matthew Platkin said the defendants, including AvalonBay Communities illegally used RealPage's revenue management software and algorithms to inflate rents for apartments in multifamily properties.
New Jersey said the defendants also quietly exchanged non-public data such as lease prices, amenities, concessions offered, property values and housing inventory, in order to align pricing and avoid competition to lower rents. The state said the collusion has inflated rents for hundreds of thousands of residents, with half of low-income renters paying more than 30% of their gross incomes toward rent. Many real estate and financial experts recommend a 30% limit.
New Jersey said the defendants also quietly exchanged non-public data such as lease prices, amenities, concessions offered, property values and housing inventory, in order to align pricing and avoid competition to lower rents. The state said the collusion has inflated rents for hundreds of thousands of residents, with half of low-income renters paying more than 30% of their gross incomes toward rent. Many real estate and financial experts recommend a 30% limit.
you know how you stop this shit? (Score:1)
you criminally charge some of the people working there.
as long as it's just a company fending off lawsuits nobody cares. it's a job that pays (can't be taken for granted these days), could make employees rich with stock options and at the very least gives them resume filler for a future job.
you arrest half a dozen of those assholes and criminally charge them, suddenly nobody thinks this is such a good business opportunity anymore. what would the crime be? oh, I dunno, any of the criminal antitrust statutes,
What collusion? (Score:3, Informative)
There's no collusion, it is a HOAX. A Landlord Hoax. They never did, it is all a conspiracy by the BAD TENANTS to not pay RENT!
They're Getting Banned Everywhere (Score:2)
Minnesota banned use of such recently too.
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Minnesota banned use of such recently too.
This has been happening [slashdot.org] for many years already [slashdot.org].
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Minnesota banned use of such recently too.
There are currently 15 states that are suing RealPage.
No shit (Score:1)
Forget renting, real estate itself too has been a scam for a while, with the help of (mostly local) government. Most of us are benefiting from it so it won't change. My concern is for the younger generations. Reference: https://media.beehiiv.com/cdn-... [beehiiv.com] The only reason housing prices are high is because the local government won't allow building permits easily. They believe that if it were easy to build houses, the economy would collapse .. even though there'll be much less homeless. I mean, I'm a homeowner
True but understand why (Score:2)
It is in the interests of home owners / landlords to discourage new housing not just because of the capital gain it generates for them, but also because those houses have to be built somewhere. Too often that will be to develop land that is a currently attractive, and will replace it with chunks of concrete. People like having green spaces around them, so will resist such development - and earn the title 'Nimby' for doing so. Note that to the Nimby this is an example of enshitification, and that is an under
Even duplexes (Score:2)
Note that to the Nimby this is an example of enshitification, and that is an understandable point of view; would you be happy if your view were to include a 50 storey skyscraper where there is now a block single families houses? This is a problem, and merely bemoaning it without understanding is unwise.
Does that happen often, where ultra-high density housing is build amongst low-density housing?
The problem is, NIMBYs block any amount of densification. Allowing duplexes or fourplexes in areas zoned for single-family would measurably increase the housing supply, without the need for skyscrapers. But NIMBYs block those as well. In my town, they even block mother-in-law suites.
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would you be happy if your view were to include a 50 storey skyscraper where there is now a block single families houses
You'd rather look out the window at a homeless encampment? Having sufficient affordable housing is good for everyone. It reduces crime, builds stronger communities, provides better economic and health outcomes...just better all around.
It is hard to find space for new housing and to get permission to build new housing because homeowners and landlords who own existing property believe their prices will go down. But the truth is that prices will likely still go up, as more affordable housing means less crime
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Why don't the Tenants Collude ?
You mean unionize!? What kind of un-American socialist monster are you? That's just a horrible idea. Remember, unions are bad. They are when the little people get together and force terrible things to happen, like living wages and overtime pay. Those things destroy competition and economies. Entire companies have gone bust because people were paid overtime! Don't look that up! Don't you date look that up, just trust me that it happened! If you look it up you're a communist!
Industry bodies and trade
Okay, make all the data public. (Score:1)