Big data has changed the way some landlords make pricing decisions — and is influencing some major property owners to push up rents rather than keep apartment buildings as full as possible, a…
Progressives created NYC’s housing crisis and it’ll only grow worse until we let builders and owners turn a fair profitI had to pay an extra $250 to move into a garbage-filled NYC apartmentSoaring rents have mostly been blamed on America’s inflation and a lack of housing supply, but another culprit has been algorithmic pricing software, according to a pair of explosive lawsuits.
According to two complaints brought by tenants in federal courts in Tennessee and Washington obtained by The Journal, these two companies and their landlord customers have exchanged confidential pricing information that reduces natural competition in the housing market., as consumers face record-high rates on a 30-year home loan and skimpy housing supply. However, big data has proven that price reductions aren’t always necessary.
Representatives for RealPage and Yardi did not immediately respond to The Post’s request for comment.Condo owners typically also have to pay maintenance fees for upkeep — which may include heat and hot water costs, garbage collection, and payments towards cleaning the building’s public spaces — that hover around $1.68 per square foot,The Department of Justice may bring enforcement action against RealPage and Yardi, sources familiar with the matter told The Wall Street Journal.
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