The U.S. Justice Department has filed a lawsuit against several large landlords, alleging that they colluded to keep rent prices high by using an algorithm to set rents and sharing sensitive information with competitors. This comes amid a challenging housing market for U.S. renters, with incomes not keeping pace with rising rents. Half of American renters spent more than 30% of their income on rent and utilities in 2022, leading to tough decisions between basic needs like medications, groceries, school supplies, and rent. Eviction rates are high, particularly affecting children. The lawsuit implicates major landlords in the housing crisis, accusing them of avoiding lowering rents by sharing data with competitors. Greystar Real Estate Partners LLC, one of the defendants, denied engaging in anti-competitive practices. The lawsuit also involves a settlement proposal to limit the use of competitors’ data and algorithms. The Justice Department aims to make housing more affordable and curb profiteering practices.
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