Crime FBI Raids Corporate Landlord - Price Fixing Probe

[Mr Holmes]

Probably not too much to debate with this one but its nice to see something from the justice department that will actually improve average American's lives.

https://upriseri.com/fbi-raids-corp...ent-price-fixing-probe-what-it-means-for-you/

FBI Raids Corporate Landlord in Major Rent Price-Fixing Probe: What It Means for You​

In a dramatic turn of events that could have far-reaching implications for renters nationwide, the Federal Bureau of Investigation (FBI) conducted an unannounced raid on Cortland Management’s headquarters in Atlanta on Wednesday, May 22. This action is part of a criminal antitrust investigation by the U.S. Department of Justice (DOJ) into allegations that Cortland has been involved in a conspiracy to artificially inflate apartment rents. This raid is more than just a legal drama; it’s a significant development that could impact millions of renters, including those in Rhode Island, who have been grappling with soaring rental prices.

...

As the investigation unfolds, it could lead to significant changes in how rental prices are set and regulated. For renters, this could mean relief from the relentless upward pressure on rents. For landlords and property management firms, it could mean increased scrutiny and potential legal consequences for engaging in anti-competitive practices.

The outcome of this investigation could set a precedent for how algorithmic pricing tools are used in the housing market. If the DOJ’s allegations are proven, it could lead to stricter regulations and oversight of software firms like RealPage, ensuring that rental pricing remains fair and competitive. For renters, this could be a crucial step towards more affordable housing and greater transparency in the rental market.

https://www.msn.com/en-us/money/com...es-in-the-u-s/ar-BB1nDhl4?ocid=BingNewsSearch

Is One Company to Blame for Soaring Rental Prices in the U.S.?​

RealPage's reach is undeniable. A D.C. lawsuit showed that 60% of apartment buildings in the area set prices using RealPage. In Phoenix, Arizona, 70% of apartment units were owned or managed by companies using its software.

Over 16 million rental units across the U.S. used RealPage's algorithm as of a 2020 blog post.

"That's a very large chunk of the total inventory in the country when you consider that there are about 22 million investment-grade apartments in the US today," Tracy Saffos, industry principal at RealPage, said in the same post.

https://www.dailydot.com/debug/high-rent-prices-social-media-lawsuit/

A corporate landlord was raided by the FBI in a rent-fixing investigation—but renters online long fostered complaints​

While investigators have been collecting documents and digging into allegations that the biggest corporate landlords in the country algorithmically colluded to jack up rental prices 7% above market rate, regular tenants in some properties owned by the companies voiced their own complaints for years across social media and in reviews of the companies online.
....

While consolidation by corporate landlords has taken off since the COVID-19 pandemic, some people were already complaining about the less-than-stellar reputations of the property management companies for years before.

“Dealing with this company has been one of the worst experiences I have ever had with any type of organization in my life,” posted one Chicago-based renter in 2017 on Yelp about Cortland Properties, which was raided. “It is impossible to get a response from anyone in anyway. The staff neglect to follow up on conversations or complaints that have been unresolved for long periods of time. The owner refuses to acknowledge the thievery of taking money from people and not providing the services they promise.”

 

[Sinister]

Probably not too much to debate with this one but its nice to see something from the justice department that will actually improve average American's lives.

https://upriseri.com/fbi-raids-corp...ent-price-fixing-probe-what-it-means-for-you/

FBI Raids Corporate Landlord in Major Rent Price-Fixing Probe: What It Means for You​

...


https://www.msn.com/en-us/money/com...es-in-the-u-s/ar-BB1nDhl4?ocid=BingNewsSearch

Is One Company to Blame for Soaring Rental Prices in the U.S.?​

https://www.dailydot.com/debug/high-rent-prices-social-media-lawsuit/

A corporate landlord was raided by the FBI in a rent-fixing investigation—but renters online long fostered complaints​

I was reading about this earlier today. Totally based. This kind of move will also have a cooli g effect on the market. Having your company HQ raided by the FBI is no good for bidness.

 

[Fedor>Cain]

Having your company HQ raided by the FBI is no good for bidness.

Well, unless you are a Republican begging for donations. Then business explodes!

 

[Poon Goon]

I know a guy that works for the FBI. When I see him I always yell "FBI GET DOWN ON THE GROUND". Fucking hilarious.

 

[jk7707]

Good. Giant corporations shouldn't have control over how much hundreds of thousands of people pay for an essential human right. This is an area where the federal government needs to come down much harder.

 

[CatchnShoot]

FBI doing good work here. I don't rent, but I know tons of folks that do, and I'm sure this is going to be "About fucking time" for them.

Thank you for your service, ladies a gents.

 

[king hippo]

good

 

[Andy Capp]

Good. Fuck 'em with the long sharp stick of justice.

 

[ColemanwastheGOAT]

Here's a pretty decent breakdown of how it works.

Monopoly Round-Up: FBI Raids Big Corporate Landlord Over Nationwide Rent Hikes

I’ll get to the good and bad news of the week, but first I want to note the big story - Donald Trump’s conviction by a jury in New York - and a little story with big implications - the Federal Bureau of Investigation raiding a corporate landlord in cahoots with a nation-wide rent-fixing cartel...

www.thebignewsletter.com

All seems to be from a real estate management app that all the big firms use called RealPage.

Would love to see these big corporations broken up. I suspect a similar scheme is being implemented by people like Bill Gates to buy up all the farm land.

A third party candidate running a bipartisan platform based around breaking up all these corporations would do well if the public weren't completely compromised by propaganda.

 

[PBAC]

I was reading about this earlier today. Totally based. This kind of move will also have a cooli g effect on the market. Having your company HQ raided by the FBI is no good for bidness.

unless you want to be president

 

[Sinister]

MPU's video on this from a month ago:

 

[avenue94]

Here's a pretty decent breakdown of how it works.

Monopoly Round-Up: FBI Raids Big Corporate Landlord Over Nationwide Rent Hikes

I’ll get to the good and bad news of the week, but first I want to note the big story - Donald Trump’s conviction by a jury in New York - and a little story with big implications - the Federal Bureau of Investigation raiding a corporate landlord in cahoots with a nation-wide rent-fixing cartel...

www.thebignewsletter.com

All seems to be from a real estate management app that all the big firms use called RealPage.

Would love to see these big corporations broken up. I suspect a similar scheme is being implemented by people like Bill Gates to buy up all the farm land.

A third party candidate running a bipartisan platform based around breaking up all these corporations would do well if the public weren't completely compromised by propaganda.

Or you could just ask the GOP to stop buying into the bs of consumer welfare arguments and blocking tougher antitrust enforcement. Most of the Democratic Party is already on board.

Hint: I'm guessing the presidential candidate you're supporting is quite in favor of lax antitrust regulation. Interesting circle go square huh?

 

[Broke Lester]

Terrible that they were raided, they should be allowed to charge whatever, either you can afford it or move along.

 

[idrankyourbeer]

convicted felon trump's approval just went up 350%

 

[Mr Holmes]

Terrible that they were raided, they should be allowed to charge whatever, either you can afford it or move along.

 

[Broke Lester]

 

[Mr Holmes]

Justice Department accuses RealPage of a scheme to help landlords hike rents in antitrust lawsuit

The Justice Department has filed an antitrust lawsuit against real estate software company RealPage, accusing it of an illegal scheme that allows landlords to coordinate to hike rental prices.

apnews.com

The Justice Department filed an antitrust lawsuit Friday against real estate software company RealPage Inc., accusing it of an illegal scheme that allows landlords to coordinate to hike rental prices.

 

[CantCucktheTuck]

rent prices are out of hand for sure.

Are they saying that having a program or maybe even a message board where landlords post the amount of rent they are asking for is illegal because other landlords might see it and decide to increase their rates based on what other landlords in the area are asking?

 

[nixkid]

rent prices are out of hand for sure.

Are they saying that having a program or maybe even a message board where landlords post the amount of rent they are asking for is illegal because other landlords might see it and decide to increase their rates based on what other landlords in the area are asking?

No, they have an algorithm that helps property managers set rent prices. I'm not saying that it's definitely price fixing but it's more than just a message board.

 

[Sinister]

No, they have an algorithm that helps property managers set rent prices. I'm not saying that it's definitely price fixing but it's more than just a message board.

RealPage is more malicious than just the algorithm. They had people employed for the purpose of enforcement of their pricing schemes. If they caught landlords "undercutting" their set price there would be repercussions. Not to mention that these practices are anti-competitive on their face, enforcing them with thuggery is madness. Not to mention that their pricing was over-valued as well, there was no reason or justification for the price increases. Renters weren't getting any added value.