this post was submitted on 11 Sep 2023
279 points (97.3% liked)
Technology
59770 readers
3133 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
This is the best summary I could come up with:
Through the RENTmaximizer, the rental companies outsourced their pricing decisions to Yardi and artificially eliminated any competition between them, the suit alleged.
Instead of courting renters based on market conditions, attorneys say property management companies used Yardi’s algorithmic tool to automate the pricing process and implement higher prices collectively across a group of landlords.
“Our antitrust legal team has uncovered what we believe to be a clear gaming of the system through controlled, lockstep algorithmic increases to fix the cost of rent — one that has affected millions of renters,” said Steve Berman, managing partner and co-founder of Hagens Berman, in a statement.
Dallas-based apartment manager, owner and developer Tonti Properties is one of the 18 landlords named in the suit.
ProPublica published an investigation last October on landlords’ use of RealPage’s proprietary YieldStar algorithm to push the highest possible rent prices on tenants for apartments across the U.S.
More than 20 lawsuits against RealPage were consolidated in Nashville federal court in April, Reuters reported.
The original article contains 289 words, the summary contains 165 words. Saved 43%. I'm a bot and I'm open source!