Federal agents raided a property management company operating in Arizona as part of an investigation into price-fixing rent, marking a distinct escalation in the renewed push to enforce consumer protection laws.
Cortland, an Atlanta-based property management company, joins nine other real estate conglomerates under investigation for creating a rental monopoly, resulting in rents across Arizona going up by more than 30% since 2022. The common thread between the 10 is RealPages, a co-defendant and consulting firm whose software they utilized to determine the maximum amount rent could be raised, then doing so in tandem in a manner Arizona Attorney General Kris Mayes has characterized as monopolistic.
“The conspiracy allegedly engaged in by RealPage and these landlords has harmed Arizonans and directly contributed to Arizona’s affordable housing crisis,” said Mayes. “This conspiracy stifled fair competition and essentially established a rental monopoly in our state’s two largest metro areas.”
honestly, if recent history was anything to go on this investigation would have never started or immediately ended, agreeing they did nothing wrong.
you might have a point about supreme Court meddling, but this all feels new to me.
It’s only new-feeling cause it’s been 20-some years since we’ve had a democratic control of most parts of the government.
It’s pretty neat, right?
You’re referring to settlements where the accused pays a fine and maybe agrees to certain conditions, but is allowed to do so without admitting to any wrongdoing.
That part comes after the investigation concludes…which is exactly what I’m talking about.