Algorithmic pricing under fire as Feds expand lawsuit against corporate San Jose landlords

LANDLORDS WITH TIES to Silicon Valley have been targeted by the U.S. Justice Department in its growing effort to to stop property owners from using tech software to influence rent prices.

Federal officials on Tuesday added six corporate landlords to an existing lawsuit against RealPage, a company accused of providing property management software used to maximize rent prices. The six landlords are Greystar Real Estate Partners, Blackstone’s LivCor, Camden Property Trust, Cushman & Wakefield and Pinnacle Property Management Services, Willow Bridge Property Company and Cortland Management. Because the software tools contain private data and are unaffordable to smaller landlords, the justice department claims corporate landlords are illegally scheming with software providers to crush their competition — resulting in higher costs for tenants.