Compass sued the Real Estate Board of New York alleging that the trade group conspired with traditional brokerages to thwart competition from upstarts by blocking agents from joining new firms, reported Bloomberg.
The Softbank-backed real estate brokerage, which filed for an initial public offering this month, alleges that Rebny and established brokerages are seeking to “smother” competition from upstarts “to preserve the market’s status quo, their business models, and their dominance of New York City residential real estate sales.”
The lawsuit follows one this week against Zillow Group and marks the latest antitrust accusation against the residential brokerage business and its traditional structure. The National Association of Realtors last year resolved Justice Department claims that it adopted rules that reduced competition and harmed home buyers and sellers.
“Wielding their control over access to local property listings like a club, REBNY and its co-conspirators have thwarted and continue to seek to thwart competitors who challenge their methods and dominance,” Compass said in the suit, filed Friday in federal court in Manhattan.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI