Two renters in New York City have filed a class action lawsuit against the brokerage firm Compass, alleging that the company has delisted numerous rental units from free digital platforms like Zillow. The plaintiffs, Peter Castaneda and Haley Gelfand, claim that Compass's actions have created a false supply shock, leading to artificially increased rents. They argue that Compass controls over 80 percent of rental unit listings in Manhattan, allowing it to dictate pricing for a significant portion of the market. The lawsuit suggests that Compass is attempting to manipulate rental prices on other platforms as well.
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Lawsuit Claims Compass Brokerage Created Artificial Supply Shock in NYC Rental Market
A class action lawsuit has been filed against Compass, a brokerage firm, by two NYC renters who allege that the company's delisting of rental units from platforms like Zillow has created an artificial supply shock, resulting in higher rents. The plaintiffs claim that Compass controls over 80 percent of Manhattan's rental listings, enabling it to influence pricing significantly.
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Peter Castaneda
Haley Gelfand
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Original Headline
Hidden Zillow listings created fake supply shock, raising NYC rents, lawsuit says
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Lawsuit Claims Compass Brokerage Created Artificial Supply Shock in NYC Rental Market