Justice Department accuses 6 major landlords of keeping rents high

[BumRushDaShow]

Source: NPR/AP

January 9, 2025 1:28 AM ET


DENVER — The U.S. Justice Department is suing several large landlords for allegedly coordinating to keep Americans' rents high by using both an algorithm to help set rents and privately sharing sensitive information with their competitors to boost profits.

The lawsuit arrives as U.S. renters continue to struggle under a merciless housing market, with incomes failing to keep up with rent increases. The latest figures show that half of American renters spent more than 30% of their income on rent and utilities in 2022, an all-time high.

That means exhausting, day-to-day decisions between medications, groceries, school supplies and rent. It means eviction notices and protracted court cases in which children face the highest eviction rates, with 1.5 million evicted each year, according to Princeton University's Eviction Lab.

While the housing crisis has been assigned several causes, including a slump in homes built over the last decade, the Justice Department's lawsuit claims major landlords are playing a part. The department, along with 10 states including North Carolina, Tennessee, Colorado and California, is accusing six landlords that collectively operate more than 1.3 million units in 43 states and the District of Columbia of scheming to avoid lowering rents.

Read more: https://www.npr.org/2025/01/09/nx-s1-5253778/justice-department-landlords-rents

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Link to DOJ PRESS RELEASE - Justice Department Sues Six Large Landlords for Algorithmic Pricing Scheme that Harms Millions of American Renters

[Jacson6]

1. And the LL defense will claim, "It's not our fault the computer program told us to jack up the price." n/t

[Autumn]

2. Such shocking news in the waning days of Merrick Garland's tenure.

Not. Anyone who wasn't aware of this bullshit is not paying attention.

[jmbar2]

3. The list

- Greystar Real Estate Partners LLC (Greystar)
- Blackstone’s LivCor LLC (LivCor)
- Camden Property Trust (Camden)
- Cushman & Wakefield Inc., Pinnacle Property Management Services LLC (Cushman)
- Willow Bridge Property Company LLC (Willow Bridge)
- Cortland Management LLC (Cortland)

[mn9driver]

4. Smells like end stage capitalism.

The game of monopoly is almost over.

[70sEraVet]

5. It seems the solution would be to apply high taxes on these companies

to force them to sell their properties. The US is becoming a country of landless peasants.

[pfitz59]

7. And how will these tax laws pass?

Since SCrOTUS declared political bribery AOK?

[Puppyjive]

6. They collude on facebook

It's just wrong.