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Landlord ‘price-fixing’ tool facing scrutiny, as Rep. Goldman calls for state probe
By
David Brand
Published Nov 28, 2023
Modified Nov 28, 2023
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Photo by Rafael Henrique/SOPA Images/LightRocket via Getty Images
By
David Brand
Published Nov 28, 2023
Modified Nov 28, 2023
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Rep. Daniel Goldman is urging New York state to investigate a controversial tech company accused of a broad “price-fixing” scheme that helps landlords jack up rents on a massive scale.
In a letter to Attorney General Letitia James Tuesday, Goldman took aim at RealPage, a company that uses algorithms to analyze vast amounts of public and private rental data and pumps out price recommendations for landlords and property managers.
RealPage is currently facing lawsuits from Washington D.C. Attorney General Brian Schwalb and dozens of tenants across the country — backed by the Department of Justice — who are accusing the company of violating antitrust laws by allowing landlords to conspire to increase rents, according to the complaints.
“There is clearly broad interest in holding bad actors accountable for using anticompetitive practices in the rental market in the United States,” Goldman said. “Their abhorrent behavior favors profits over affordability for the many low- and moderate-income families in our cities and neighborhoods desperate for reasonably priced housing.”
Many of New York City’s largest landlords, including Cushman & Wakefield and Greystar, use RealPage to set their rents. The company, which was the subject of an investigation by ProPublica, recommends landlords keep apartments empty to increase demand and prices, the news outlet reported.
Goldman, a former federal prosecutor, said the rent-setting tool is fueling record-high housing costs throughout New York City, where monthly median rents have surged well beyond pre-pandemic levels.
RealPage’s “unprecedented access to public and private landlord data in New York City … facilitates pricing collusion and eliminates traditional market competition,” Goldman said in the letter.
The Attorney General’s office said they're reviewing Goldman's letter.
RealPage did not respond to a request for comment.
The Texas-based company has faced growing scrutiny following a series of reports by ProPublica on the company’s practices and data usage. Last year, 17 members of Congress, including Rep. Alexandria Ocasio-Cortez, sent a letter to the Federal Trade Commission and Department of Justice likening RealPage’s strategies and data-sharing among landlords to a “cartel” and urging them to investigate.
A federal judge allowed tenants across the country to consolidate their lawsuits against RealPage into one legal challenge earlier this year. This month, the DOJ weighed in on behalf of the renters and asked a federal judge to deny RealPage’s motions to dismiss the case.
Laws prohibiting price fixing also apply to “schemes involving pricing algorithms,” Assistant Attorney General Jonathan Kanter and other justice officials wrote in a memo to the court.
This story was updated to include a comment from Attorney General Letitia James' office saying they're reviewing Goldman's letter.
Tagged
new york city
housing
Politics
new york state
David Brand
David is a reporter covering housing for Gothamist and WNYC. Got a tip? Email [email protected] or Signal 908-310-3960.
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