WHAT: press conference with former City Attorney Mike Aguirre and San Diego Tenants Union to address monopolistic practices and rent fixing software
WHEN: 12/19/24 at 11AM
WHERE: 333 W Broadway San Diego, CA 92101 (outside Federal Courthouse)
CONTACT:Rafael Bautista 619-709-0942 Sdtenantsunited@gmail.com
Join the San Diego Tenants Union and the Aguirre and Severson Law Firm at a Press Conference outside of the Federal Courthouse. We will be addressing the concerns of San Diego tenants who are battling against ever-rising rent increases. We now know that the largest real estate investors, like Blackrock, are vested in, and using price fixing software to set prices across the City and the country. The largest developers in San Diego control a whopping 95 of the new construction market. The Southern CA rental housing association and other “housing providers” owe San Diegans an explanation and a rent refund. The Sherman Act bars collusion and price fixing through practice. The largest landlords collect rents via applications that retain, share, create algorithms, and generate rent price suggestions that its clients implement at a rate of nearly 80%.
When banks, lenders, REITS, and investors allow the algorithms to set the market rents; properties offered to tenants come with a “RealPage” price fixed rate. This ensures that monopolistic practices take hold and prohibits fair competition for tenants. This hurts tenants and homeowners because high rent prices push up housing prices. In an era of high interest rates, inventory is limited and the median sales price has surpassed $1 million. This is not by accident. This is not the result of a free market. Since 2015, The San Diego Tenants United/Union has long called for Rent Control at 2% because of the projected rent increases. Now we call for a rent rollback! We insist that rents have surpassed projections due to collusion. We implore the City Council to bar the practice and we implore the courts to provide remedies to affected tenants. All price fixing software must be retired and tenants deserve transparency.