💰 Axios PM: Landlord "cartel"

Plus: So. Many. Acorns. | Thursday, November 02, 2023

Open in app View in browser   Presented By Citi   Axios PM By Mike Allen · Nov 02, 2023 Good Thursday afternoon. Today's newsletter, edited by Sam Baker, is 451 words, a 2-min. read. Thanks to Carlos Cunha for the copy edit.     1 big thing: Major landlords under fire Illustration: Brendan Lynch/Axios   Major landlords nationwide are effectively colluding to keep rents high, D.C.'s attorney general argues in a new lawsuit. How it works: The companies that manage large apartment buildings in the D.C. area — and many other cities — all use the same software to set their rents, Axios' April Rubin writes. The software, RealPage, estimates supply and demand, collects demographic information and spits out a rental price to maximize landlords' revenues. RealPage said in 2020 that its software served more than a third of all rental units nationwide. D.C.'s lawsuit argues that this amounts to a "cartel" in which buildings that ought to be competing for renters are instead all feeding into a system that keeps rents high. RealPage is facing similar lawsuits in other states and is also under scrutiny from the Justice Department. The other side: RealPage will "vigorously defend" itself in court, said Jennifer Bowcock, the company's SVP for communications. She said the lawsuit is wrong in its facts and application of the law. Go deeper.     2. Ugh, time to "fall back" Illustration: Aïda Amer/Axios   Daylight saving time ends Sunday. Although nobody seems to like the annual cycle of "springing forward" and "falling back," there's no consensus on a better way. In one corner: Several GOP lawmakers, including Sen. Marco Rubio (R-Fla.), want to make daylight saving time — the one with the later sunrise and sunset — permanent. Congress actually did that in the 1970s — but then changed it back, Axios' Kelly Tyko reports. In the other corner: Some scientists want to make daylight standard time — the one with the earlier sunrises and sunsets — permanent. They say it's better aligned with our circadian rhythms, Axios' Carly Mallenbaum writes. Keep reading.     A message from Citi The metaverse: the internet's next generation?     The adoption of the metaverse could have broad impact across sectors. Money in the metaverse could exist in different forms, such as in-game tokens and cryptocurrencies. Learn about the potential impact in the Citi GPS Report, Metaverse and Money.     3. Catch me up Photo: Mandel Ngan/AFP/Getty Images 🇨🇳 Treasury Secretary Janet Yellen emphasized U.S. economic ties to the Indo-Pacific, setting the stage for a meeting between President Biden and Chinese President Xi Jinping in San Francisco later this month, Axios' Hans Nichols reports. 🇺🇦 A top Ukrainian general said the country's counteroffensive against Russian forces has reached a stalemate, Axios' Ivana Saric reports. ⚖️ A former Memphis police officer pleaded guilty in the death of Tyre Nichols. Get the latest. 🏡 The CEO of the National Association of Realtors resigned on the heels of a $1.8 billion jury verdict against the powerful trade group, Axios' Emily Peck reports.     4. It's raining acorns Illustration: Shoshana Gordon/Axios   Sidewalks are extra nutty with acorns this fall — and scientists don't really know why. The abundance of acorns is happening in places where certain species of oak trees are "masting," or producing enormous crops of seed. Why they do that, though, is a mystery. 🐿️ The glut of nuts has several cascading effects, promoting the growth of many animal populations, including rodents and deer, which other animals then eat. Share this story.     A message from Citi Asia adopts new tech an estimated 8-12 years before the West     Early adoption of mobile tech has enabled Asia to develop new forms of digital commerce before other regions. Why it's important: In doing so, Asia provides a glimpse of what the future could look like elsewhere. Learn more in this Citi GPS Report.   Are you a fan of this email format? Your essential communications — to staff, clients and other stakeholders — can have the same style. Axios HQ, a powerful platform, will help you do it.   Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. To stop receiving this newsletter, unsubscribe or manage your email preferences.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: