Landlords and RealPage face class-action lawsuits for price-fixing

👋 Good morning and welcome back.

Today's newsletter is 605 words — a 3-minute read.

1. DOJ responds to NAR's petition for a rehearing of its appeal

DOJ has responded to the NAR’s petition for a rehearing of the DOJ's appeal to reopen its investigation into the trade group, and it is strongly against a rehearing.

At the core of the legal dispute is a three-sentence letter sent by the DOJ to NAR in November 2020, confirming the closure of its investigation into the association's rules.

DOJ argued that the letter did not imply a commitment to refrain from future action, as suggested by NAR. The legal battle, spanning five years, revolves around the interpretation of this letter and its implications on the DOJ's investigation into NAR's policies.

2. Class-action lawsuits target landlords, RealPage for price-fixing

Several real estate companies are facing multiple antitrust lawsuits alleging collusion and illegal price-fixing of residential rents.

The lawsuits claim that these companies used software from RealPage to share confidential pricing data and make coordinated rent price decisions through an algorithm and AI.

Critics argue this led to artificially inflated rents and deliberate vacancies. RealPage defends its software, stating it ensures legal compliance and helps stabilize prices and occupancy, and that landlords are not required to follow its recommendations. LINK

3. Catch up quick

🙌 Best down payment assistance program in Texas. (Video)

🍿 Netflix to open a massive entertainment, dining, and shopping complex in Dallas Galleria. (CNN)

🚀 Flyhomes acquires real estate AI startup, ZeroDown, and launches AI home search portal. (FlyHomes)

📉 U.S. home prices are rising at the slowest pace in nearly a year and a half. (Redfin)

🍸 $171M mixed-use development slated for Upper Kirby. (TRERC)

4. San Antonio panel blocks demolition of historic sites

The Zoning Board of Adjustment turned down Master Property Partners' plea to demolish the Rich Book Building and an adjacent structure at 900 West Houston Street.

Master Property Partners’ claimed financial hardship in restoring the buildings, estimating costs of $6 million and $1.2 million respectively, and proposed a $50 million mixed-use complex instead.

Local groups like the Historic Westside Residents Association and the Esperanza Peace & Justice Center led the opposition, stressing the need to protect cultural heritage amidst worries about losing historic value. LINK

5. 700-home community headed to the fast-growing city of North Texas, Anna.

Ashton Woods and Starlight Homes are developing a Coyote Meadows, 700-home, master-planned community near the intersection of US 75 and SH 121.

Ashton Woods plans to build 225 single-family homes on 50-ft lots and 100 homes on 60-ft lots. Home prices range from $343,000 to $471,000.

Starlight Homes will construct 150 townhomes and 225 single-family homes. The two-story townhomes range from 1,745 to 1,905 sf, and each will have a two-car garage.

Construction began in February, and the first homes will be delivered this summer. LINK

6. Boomers struggled more than millennials to buy their first homes

Contrary to popular belief, baby boomers faced a tougher housing market than millennials when buying their first homes.

Despite today's challenges, historically low interest rates have eased millennials' mortgage burdens. However, fewer millennials own homes at a younger age due to factors such as economic instability and shifting attitudes toward homeownership. LINK

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