Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

DOJ sues software firm RealPage for allegedly helping landlords collude to keep rents high

by admin August 24, 2024
August 24, 2024
DOJ sues software firm RealPage for allegedly helping landlords collude to keep rents high

The Department of Justice and eight states on Friday accused software company RealPage of unlawfully scheming to undermine competition among landlords and create a monopoly that harms millions of renters.

RealPage “allows landlords to manipulate, distort, and subvert market forces,” the Justice Department said in a civil complaint in U.S. District Court in North Carolina.

“At bottom, RealPage is an algorithmic intermediary that collects, combines, and exploits landlords’ competitively sensitive information,” the antitrust lawsuit said.

“And in so doing, it enriches itself and compliant landlords at the expense of renters who pay inflated prices and honest businesses that would otherwise compete,” the DOJ alleged.

Attorney General Merrick Garland in a press conference Friday morning put it more bluntly: “Everybody knows the rent is too damn high, and we allege this is one of the reasons why.”

The lawsuit marks the first time that the government has accused a company of working to systematically subvert the rules of free-market competition using mathematical algorithms.

“Antitrust law does not become obsolete simply because competitors find new ways to unlawfully act in concert,” Garland said.

“And Americans should not have to pay more in rent simply because a company has found a new way to scheme with landlords to break the law.”

The DOJ is joined in its lawsuit by the attorneys general of North Carolina, California, Colorado, Connecticut, Minnesota, Oregon, Tennessee and Washington.

RealPage, which is owned by the private-equity firm Thoma Bravo, did not immediately respond to CNBC’s request for comment.

The lawsuit, which Garland said followed a nearly two-year investigation, arrives in the middle of a U.S. presidential election cycle where high housing and rental prices have emerged as a key issue.

Democratic nominee Kamala Harris last week unveiled an economic plan that aims to lower rental costs in part by cracking down on the companies behind price-setting tools that let landlords collude.

The White House declined to comment on the DOJ’s antitrust suit against RealPage.

But it provided a statement from national economic advisor Lael Brainard, who said President Joe Biden and Vice President Kamala Harris “know that too many Americans feel squeezed by high rents.”

“The Biden-Harris Administration has made clear that no one should pay higher prices because of corporate lawbreaking and continues to support fair and vigorous enforcement of the antitrust laws to prevent illegal collusion,” Brainard said.

— CNBC’s Eamon Javers contributed to this report.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Why Ford believes its $1.9 billion shift in EV strategy is the right choice for the company
next post
Microsoft plans September cybersecurity event to discuss changes after CrowdStrike outage

Related Posts

What the Ticketmaster-Live Nation lawsuit could mean for...

May 25, 2024

Chinese tea chain Chagee files for U.S. initial...

March 28, 2025

Bank of England holds rates, stresses June cut...

May 10, 2024

Fox reveals plans to launch subscription streaming service...

February 6, 2025

Why ‘wardrobing’ retail fraud soars in the summer

August 9, 2024

Immersive entertainment company Cosm lands rights to broadcast...

October 30, 2024

American liquor exports hit record high in 2024,...

April 25, 2025

Warren Buffett’s Berkshire Hathaway sold nearly half its...

August 6, 2024

Gas prices are rising. Here’s how to stretch...

July 9, 2024

Disney raises streaming prices for Hulu, Disney+ and...

August 8, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Strategic Chaos or Tactical Goldmine? What QQQ’s Chart is Whispering Right Now

      June 5, 2025
    • Why ADX Can Mislead You — And How to Avoid It

      June 5, 2025
    • S&P 500 on the Verge of 6,000: What’s at Stake?

      June 5, 2025
    • Speaker Johnson surprised by Musk’s criticism of ‘big, beautiful bill’: He’s ‘flat wrong’

      June 5, 2025
    • There’s a way to aid Gaza. I know, my foundation just helped deliver 7 million meals… without incident

      June 5, 2025

    Categories

    • Business (967)
    • Investing (2,320)
    • Politics (2,873)
    • Stocks (1,054)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved