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#realpage

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Another reason to squash the #AIRevolution!

#AI costs American #Renters over $3.6 billion annually, according to new report
Judd Legum
Jan 06, 2025

"The property management software used by many #corporate #landlords, #RealPage, is deploying AI to artificially inflate rental prices in the United States by more than $3.6 billion annually, according to a new report by the White House Council of Economic Advisers (CEA).

"RealPage, owned by the private equity firm Thoma Bravo, includes a tool called "AI Revenue Management" that provides recommendations for rental prices based on data from competitors. The feature, according to the CEA, the Department of Justice (DOJ), and class action lawsuits, facilitates 'price coordination.' It allows individual landlords to 'act as if they are a single dominant landlord, and use their collective market power to increase profits by setting higher prices.'"

Read more:
popular.info/p/ai-costs-americ
#FuckAI #AISucks #NoNukesforAI #AffordableHousing #CorporateLandlordsSuck

Popular Information · AI costs American renters over $3.6 billion annually, according to new reportPar Judd Legum

The Department of Justice and eight states on Friday
💪🏽sued the maker of rent-setting software that ⚠️critics blame for sending rents soaring in apartment buildings across the country.

The civil lawsuit, filed in federal district court in Greensboro, North Carolina, accuses Texas tech company ❌RealPage of
taking part in an #illegal #price-#fixing scheme to reduce competition among landlords so they can 🔹boost prices — and profits.

It also alleges the company took over the market for such price-setting software, effectively #monopolizing it.

#RealPage has built a business out of frustrating the natural forces of vigorous competition,” said Assistant Attorney General Jonathan Kanter at a news conference Friday with top department officials.

✅“The time has come to stop this illegal conduct.”
The antitrust lawsuit is the latest
— and most dramatic
— development to follow a 2022 ProPublica investigation that examined RealPage’s role in helping landlords set rent prices across the country,
an arrangement that legal experts said could result in #cartel-like behavior.
Since then, senators have introduced legislation seeking to ban such practices,
tenants have filed dozens of ongoing federal lawsuits,
and San Francisco’s Board of Supervisors moved to bar landlords from using similar algorithms to set rents.

propublica.org/article/realpag

ProPublicaDOJ Files Antitrust Suit Against Maker of Rent-Setting AlgorithmThe lawsuit, which comes in the wake of a ProPublica investigation into the Texas company, accuses RealPage of taking part in an illegal price-fixing scheme to reduce competition among landlords to boost prices — and profits.

#RealPage says it isn't doing anything wrong by suggesting to #landlords how much #rent they could charge

Accused of using #algorithms to fix rental prices, RealPage goes on offensive
RealPage faces multiple antitrust lawsuits, promises "The Real Story" online. arstechnica.com/tech-policy/20

It is #collusion through an app/service, you're just outsourcing the act of conspiring to RealPage rather than meeting up in person.

"Justice Dept preparing rental market collusion lawsuit:
The Biden admin has focused on reining in housing costs as a key part of its economic agenda.

#RealPage & dozens of property owners & managers are already the targets of a class-action lawsuit brought by renters. There are also suits filed by attorneys general in D.C. & Arizona. The North Carolina attorney general recently announced that his office is also investigating"
#priceGouging #rent #landlords #greedFlation
politico.com/news/2024/07/12/j

With the recent news about landlord price-fixing via Realpage leading to units being intentionally kept vacant in order to maximize gross rents I thought it'd be useful to repost this essay I wrote on it a while ago. It's a simple application of calculus to show that for landlords with two or more units it's often more profitable to set rents so high that some units will remain vacant. Supply and demand just does not apply to the rental market.

#Realpage #Rent #Landlords #YIMBY

chez-risk.in/2023/01/10/if-its

chez-risk.in If it’s actually true that building more homes makes the rent go down then it’s also true that intentionally keeping units vacant will increase profits | Chez-Risk.in
A répondu dans un fil de discussion

☝️☝️☝️
And let's NOT forget that #HarlanCrow loves to collect hitler/nazi memorabilia.

#realPage #rentFixing #clarenceThomas #scotus
TENS OF MILLIONS OF RENTAL UNITS GOUGED: #inflation #greedflation

'A tip of the hat to Johnston, who opened the Mark Thompson Show on the 4th by noting a story that, so far as I can tell at this time, has been completely blacked out of the #news #mainstream #media.

On May 22, the FBI raided the Atlanta headquarters of Cortland Management...'
youtu.be/Jhg7ONLl6Ro?si=7ik3zt

Suite du fil

☝️
#RealPage #rentFixing
#harlanCrow being an heir to a real estate empire is lost in the coverage of #thomas scandals. But it's a MAJOR way he exerts influence over our economy, democracy, & judiciary.

His ties to the National Multifamily Housing Council– a developer & corporate #landlords #lobbying group, led by Crow Holdings executive Ken Valach from 2022-24...represents nearly 2,000 abusive #privateEquity firms, developers, banks, & real estate software companies. 👇👇
therevolvingdoorproject.org/ha

Revolving Door Project · Harlan Crow’s Minions Are Keeping Your Rent High | Revolving Door ProjectThe National Multifamily Housing Council (NMHC) – a landlord lobby group led by Crow’s right-hand man – has spent millions to kill tenant protections and rent regulation.