Anticompetitive Rental Scheme: Blackstone’s LivCor Reaches Settlement With Justice Department
The Epoch Times
LivCor, a large U.S. landlord owned by Blackstone, has proposed a settlement with the DOJ over allegations of price manipulation using algorithmic software.Summary
LivCor, one of the nation’s largest landlords and a subsidiary of asset management firm Blackstone, has agreed to a proposed consent decree with the Department of Justice (DOJ) to resolve claims of price manipulation. The DOJ initially announced a lawsuit on January 7 against LivCor and other landlords, alongside tech company RealPage, alleging they utilized RealPage’s software to engage in algorithmic pricing schemes that negatively impacted renters. The department accused the landlords of using this software to coordinate pricing strategies, effectively manipulating rental costs. The proposed settlement aims to address these concerns and prevent future anticompetitive practices within the rental market.
(Source：The Epoch Times)