US Justice Department Sues Major Landlords for Antitrust Violations
The DOJ alleges six landlords conspired to inflate rents through algorithmic pricing and information sharing, exacerbating the housing crisis for renters.
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Summary
The US Justice Department has filed an antitrust lawsuit against six large landlords, including Cushman & Wakefield and Greystar, for allegedly colluding to inflate rental prices through the use of algorithmic software and sharing sensitive pricing information. The lawsuit, which includes support from 10 states, cites a dire housing market where half of renters spend over 30% of their income on housing. Greystar and others deny the allegations and plan to defend against the claims. Cortland Management, however, has settled with the DOJ, agreeing to reform its practices.
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