Corporate Landlords 'Pay Millions' After Ripping Off Billions?
America's 'biggest landlord' Greystar will pay 'millions' in a settlement with nine states over alleged rent-inflating algorithms. Newsweek hails this as accountability. What they don't highlight is that 'millions' is a paltry slap on the wrist when these companies have extracted billions through an opaque, AI-driven system that critics claim illegally colludes to fix rental prices. Transparency?
Accountability? More like paying a small fee to continue business as usual. This 'agreement' is less about justice and more about greenlighting predatory practices. While renters struggle with exorbitant costs, often fueled by these very algorithms, corporations like Greystar—which received over $20 million in federal contracts between 2007 and 2023 ( USASpending.gov )—can write off these
'settlements' as the cost of doing business. One might wonder if the 'biggest landlord' is also the biggest donor to relevant legislators, ensuring systemic changes remain off the table. It appears 'accountability' means a discount for rent-gouging.