[FTC to landlords] Price fixing by algorithm is still price fixing
[FTC to landlords] Price fixing by algorithm is still price fixing
Landlords and property managers can’t collude on rental pricing. Using new technology to do it doesn’t change that antitrust fundamental. Regardless of the industry you’re in, if your business uses an algorithm to determine prices, a brief filed by the FTC and the Department of Justice offers a help...
And immediate consequences will result for the violators I assume?
I just read the joint legal brief, and, I have to say up front that I am not remotely a lawyer… but the document specifies how and where to identify price fixing, and that motions to dismiss those charges are to be dismissed.
So it doesn't dictate the penalties for price fixing (I assume that's on a trial by trial basis—but again, not a lawyer), but it makes it impossible(?) to ignore, and suggests that (to me), users of 'RENTMaximizer' will be in the crosshairs… while not actually stating that.
The AZ Attorney General seems to be working on it at least.
Society shouldn't be set up to keep people renting for their entire lives. It was like 3 generations ago that you could realistically get a home in your 30's on a single paycheck.
Yeh, but unregulated capitalism
Can't speak for the veracity, but I've got two magnets with the following:
1934
Average income = $1,601.00
Loaf of bread = $.08
Gallon of gas = $.10
Gallon of milk = $.45New car = $625.00
New house = $5,972.001958
Average income = $4,650.00
Loaf of bread = $.19
Gallon of gas = $.24
Gallon of milk = $1.01New car = $2,155.00
New house = $11,975.00Two if you're a millennial.
Time to short RealPage.