FTC Sues Zillow and Redfin Over Alleged Deal Limiting Rental Competition
The U.S. Federal Trade Commission (FTC) has filed a lawsuit against Zillow and Redfin over an alleged deal that could limit competition in the multifamily rental building advertising market. The FTC claims Zillow, a leading online real estate platform, paid Redfin, another prominent realtor in the market, $100 million to not compete in the online apartment rental listings sector.
The FTC alleges that Zillow struck a deal with Redfin to prevent the latter from competing in the rental tenant listing market. The deal, worth $100 million, was reportedly made to reduce competition and potentially drive up advertising costs for multifamily rental buildings.
Daniel Guarnera, who heads the FTC's bureau of competition, has stated that such 'pay-to-stay-out' agreements are a clear violation of federal antitrust laws. He explained that these deals can lead to higher prices and fewer choices for consumers. The FTC believes the agreement between Zillow and Redfin is likely to have these effects on the multifamily rental building advertising market.
The FTC's lawsuit against Zillow and Redfin aims to block the alleged deal and restore competition in the online apartment rental listings market. The case is ongoing, and both companies have the opportunity to respond to the FTC's allegations. The outcome of the lawsuit could have significant implications for the multifamily rental building advertising market and consumers.
Read also:
- Crooked House Pub's Demolition: Council Orders Rebuild, Debate on Historic Building Protections
- Shaping India's Economic Progression: Readying the Financial System for Tomorrow
- Conflict between Ben & Jerry's co-founder and Unilever over Gaza issues leads to resignation of co-founder
- Tesla Expands Supercharger Network in Canada by Over 630 Stalls by 2025
