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What allegations are being made against RealPage regarding rent coordination?
RealPage is embroiled in a federal lawsuit that accuses it of enabling landlords to coordinate rent increases. Critics argue that the company's software facilitates collusion among landlords, allowing them to set higher rents collectively, which could violate antitrust laws.
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How does Colorado's recent bill impact the housing market?
A recent bill in Colorado aimed to ban algorithms that facilitate rent coordination, but it was vetoed by Governor Polis. This decision has raised concerns among housing advocates, who believe it allows landlords to continue exploiting renters, potentially exacerbating the housing affordability crisis.
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What are the broader implications of this lawsuit for landlords and tenants?
The lawsuit against RealPage could have significant implications for both landlords and tenants. If the allegations are proven true, it may lead to stricter regulations on rent-setting practices, impacting how landlords operate and potentially leading to lower rents for tenants.
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What are housing advocates saying about the situation?
Housing advocates have expressed outrage over the veto of the Colorado bill, arguing that it undermines efforts to protect renters from unfair pricing practices. They emphasize the need for more robust regulations to ensure fair housing practices and prevent exploitation.
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How are other cities responding to the issue of rent algorithms?
Cities across the U.S. are beginning to take action against rent-setting algorithms. For instance, Jersey City has recently passed an ordinance banning AI-driven rent-setting software, reflecting a growing trend of local legislative responses to concerns about housing affordability and corporate practices.
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What does RealPage say about the allegations?
RealPage has denied the allegations made against it, claiming that its software is designed to help lower rents and improve market efficiency. The company argues that its tools benefit both landlords and tenants by providing data-driven insights into rental pricing.