Hidden Zillow listings created fake supply shock, raising NYC rents, lawsuit says
Renters say hidden Zillow listings make it harder to afford living in New York City.
Renters say hidden Zillow listings make it harder to afford living in New York City.
The short version
- And now, Compass is allegedly trying to manipulate prices on other platforms, as well.
- Supposedly scheming to raise rents in order to raise broker fees often pegged to rent prices, Compass went to war with Zillow, the most popular free real estate platform that never charges broker fees.
- Meanwhile, local and federal authorities have launched antitrust probes to investigate how Compass may be harming real estate markets.
What happened
“When a titan of an industry decides to choke off supply of an essential good or service, like housing, the implications can be swiftly vast and severe,” Yagman said. “New Yorkers already are facing affordability challenges which have evolved into a crisis—and that crisis is only compounded by high rent prices, which is the largest bill that most of us have to pay.”.
Why it matters
Ars Technica says hidden zillow listings created fake supply shock, raising nyc rents, lawsuit says is the central development readers should understand.
Summary by Nerd News Network. Read the full article at Ars Technica via the links above and below.