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(The Verge)   DoJ looking into why the rent is too damn high   (theverge.com) divider line
    More: Spiffy, Renting, Leasehold estate, Apartment, Rental agreement, Lease, D-MN, Landlord, Senators Amy Klobuchar  
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1030 clicks; posted to Business » on 28 Nov 2022 at 5:18 AM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



23 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-11-28 3:57:29 AM  
ANGH.jpg
 
2022-11-28 4:59:04 AM  
It's a cartel.
 
2022-11-28 5:37:54 AM  
Good luck with that.  This is a message to RealPage to share the wealth with congress and SCOTUS.
 
2022-11-28 7:15:07 AM  
That's a symptom at best, not the cause.
 
2022-11-28 8:10:26 AM  
YieldStar's algorithm uses the non-public rental rates gathered from the landlords and property managers that are its clients. YieldStar then repackages that information in an anonymized form to make rental rate recommendations to its users, indirectly giving landlords access to their competitors' pricing.

It's called price fixing but I 100% expect the DOJ to give them a pass like the meat packers got driving meat prices through the roof and keeping farmer prices low.
 
2022-11-28 8:45:52 AM  

Intrepid00: YieldStar's algorithm uses the non-public rental rates gathered from the landlords and property managers that are its clients. YieldStar then repackages that information in an anonymized form to make rental rate recommendations to its users, indirectly giving landlords access to their competitors' pricing.

It's called price fixing but I 100% expect the DOJ to give them a pass like the meat packers got driving meat prices through the roof and keeping farmer prices low.


They'll get a slap on the wrist and a fine that will be no where near what they earned from the scam
 
2022-11-28 8:49:16 AM  

make me some tea: It's a cartel.


Oldest racket in the books.

That and prostitution
 
2022-11-28 8:50:34 AM  
The goal of every society is total control.
---gore vidal
 
2022-11-28 9:31:14 AM  
It's about time. When the DOJ should also investigate house hoarding as well. HomeRiver Group owns over 13,000 houses not counting it's 10,000 HOA units. Invitation Homes owns 80,000 houses. Blackstone owns at least 17,000 houses - probably more. That's 110,000 homes owned by three companies alone. The situation is outrageous.
 
2022-11-28 9:40:21 AM  
Not a lawyer, but don't many industries have surveys and data that tell what their competitors are charging?
 
2022-11-28 9:44:08 AM  

Northern: Good luck with that.  This is a message to RealPage to share the wealth with congress and SCOTUS.


100% a message to donate to campaign contribution funds.  If they don't, they will get audited by the IRS / DOJ.
 
2022-11-28 9:58:08 AM  

Eightballjacket: Not a lawyer, but don't many industries have surveys and data that tell what their competitors are charging?


This is more than a Survey. This is inside information being used to the detriment of the tenants.
 
2022-11-28 10:09:56 AM  

Another Government Employee: Eightballjacket: Not a lawyer, but don't many industries have surveys and data that tell what their competitors are charging?

This is more than a Survey. This is inside information being used to the detriment of the tenants.


It tells landlords what other landlords are charging.  Gas stations, lawyers, dentists , grocers all know what their competitors are charging.
 
2022-11-28 10:21:11 AM  

Bruscar: It's about time. When the DOJ should also investigate house hoarding as well. HomeRiver Group owns over 13,000 houses not counting it's 10,000 HOA units. Invitation Homes owns 80,000 houses. Blackstone owns at least 17,000 houses - probably more. That's 110,000 homes owned by three companies alone. The situation is outrageous.


Raise property taxes on secondary and investment residential properties.  Raise it much further if you own multiple said properties to discourage corporate owners.
 
2022-11-28 10:43:38 AM  
What's the point?
No one has the political courage to tackle property hoarding, and nothing will be done.
 
2022-11-28 12:09:31 PM  

Bruscar: It's about time. When the DOJ should also investigate house hoarding as well. HomeRiver Group owns over 13,000 houses not counting it's 10,000 HOA units. Invitation Homes owns 80,000 houses. Blackstone owns at least 17,000 houses - probably more. That's 110,000 homes owned by three companies alone. The situation is outrageous.


Thanks, capitalism!
 
2022-11-28 12:41:24 PM  
If I had a dollar for every dead end DoJ investigation I'd have enough money to avoid consequences from the DoJ
 
2022-11-28 1:30:11 PM  

Dinjiin: Bruscar: It's about time. When the DOJ should also investigate house hoarding as well. HomeRiver Group owns over 13,000 houses not counting it's 10,000 HOA units. Invitation Homes owns 80,000 houses. Blackstone owns at least 17,000 houses - probably more. That's 110,000 homes owned by three companies alone. The situation is outrageous.

Raise property taxes on secondary and investment residential properties.  Raise it much further if you own multiple said properties to discourage corporate owners.


Essentially that's how it works in California and Florida. There is probably more to it.
 
2022-11-28 1:56:21 PM  

Dinjiin: Bruscar: It's about time. When the DOJ should also investigate house hoarding as well. HomeRiver Group owns over 13,000 houses not counting it's 10,000 HOA units. Invitation Homes owns 80,000 houses. Blackstone owns at least 17,000 houses - probably more. That's 110,000 homes owned by three companies alone. The situation is outrageous.

Raise property taxes on secondary and investment residential properties.  Raise it much further if you own multiple said properties to discourage corporate owners.


Wouldn't that disincentivize making properties available on the rental market (less supply = higher prices) or result in more costs being passed on to the renter?
 
2022-11-28 2:09:40 PM  
Its because of airbnb


Now move onto the part of the investigation that goes over EVERY bank account associated with them and arrest every single one who is violating state/federal rental laws
 
2022-11-28 2:49:14 PM  

Izunbacol: Dinjiin: Bruscar: It's about time. When the DOJ should also investigate house hoarding as well. HomeRiver Group owns over 13,000 houses not counting it's 10,000 HOA units. Invitation Homes owns 80,000 houses. Blackstone owns at least 17,000 houses - probably more. That's 110,000 homes owned by three companies alone. The situation is outrageous.

Raise property taxes on secondary and investment residential properties.  Raise it much further if you own multiple said properties to discourage corporate owners.

Wouldn't that disincentivize making properties available on the rental market (less supply = higher prices) or result in more costs being passed on to the renter?


Yes.  Though the point of the policy is to have fewer renters of entire homes.
 
2022-11-28 6:06:25 PM  
If the lower middle class to middle class are spending the majority of their income on rent that is artificially high, it is a huge drag on the economy since it is wealth transfer instead of normal economic activity. Congress and the DoJ do need to look into this.
 
2022-11-29 9:15:06 AM  

ghosts: Northern: Good luck with that.  This is a message to RealPage to share the wealth with congress and SCOTUS.

100% a message to donate to campaign contribution funds.  If they don't, they will get audited by the IRS / DOJ.


Bill Gates approves.
The founders of Google setup a law firm to distribute bribes right at the start to prevent regulation, and capture any regulations in progress (bills).  It is very likely that our internet laws were actually written by junior Google executives on their way up the ladder.
 
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