this post was submitted on 09 Oct 2023
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The rent is too damn algorithmic — DC Attorney General Brian Schwalb is investigating RealPage, a company that helps landlords set rent prices, for potential antitrust violations (washingtoncitypaper.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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The rent is too damn algorithmic — DC Attorney General Brian Schwalb is investigating RealPage, a company that helps landlords set rent prices, for potential antitrust violations::Attorney General Brian Schwalb is investigating RealPage, a company that helps landlords set rent prices, for potential antitrust violations.

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[–] KevonLooney@lemm.ee 9 points 1 year ago (1 children)

Economics doesn't work like that. Prices are already as high as the market will bear. Few people intentionally leave money on the table.

More likely:

  1. Some owners will eat the tax increase
  2. Others try to raise prices
  3. They can't get higher prices immediately because supply and demand are the same as before the tax increase
  4. They consider eating the cost or selling the property
  5. Property prices decrease due to greater supply
  6. Former renters and investors who are ok paying the tax buy the properties

End result: more owner-occupied property, some of the tax is paid by the remaining investors and renters.

[–] vector_zero@lemmy.world 3 points 1 year ago

Maybe I misinterpreted your original comment. Are you suggesting a that the taxes increase by 10% of the going rate (e.g. 5% -> 5.5%?), or the taxes increase by 10% of the property value (e.g. 5% -> 15%)?

If it's the latter, then that makes more sense. That would be unsustainable for a landlord, because no way in hell can someone pull an extra 50k out of their ass each year on a 500k home.