TECHNOLOGY · VERIFIED DEVELOPMENT
Compass Accused of Manipulating NYC Rental Market
WHY IT MATTERS
The lawsuit highlights concerns about market manipulation and the impact on renters in a competitive housing market.
What happened
Two New York City renters have filed a class action complaint against brokerage business Compass, alleging it has created a fake supply shock by delisting rental units on free digital platforms like Zillow.
This, they claim, has artificially raised rents in Manhattan.
Compass, with a monopoly on over 80 percent of Manhattan's rental unit listings, is accused of manipulating prices on other platforms.
PRIMARY SOURCES
Hidden Zillow listings created fake supply shock, raising NYC rents, lawsuit says
Ars Technica · Ashley Belanger · Discovery only; Condé Nast copyright terms apply