Hoboken Councilman Russo Applauds NJ Realpage Lawsuit, Pushes Housing Affordability Initiatives

Hoboken, NJ – April 24, 2024 – Today, Dr. Michael Russo, Hoboken Third Ward Councilman and candidate for Mayor, issued the following statement in response to New Jersey Attorney General Matt Platkin’s new lawsuit against RealPage and other major landlords over alleged algorithmic price collusion:

“According to Zillow, the median rent in Hoboken is now nearly $4,000 per month—a number that reflects the staggering magnitude of today’s housing crisis. To be sure, this problem is exacerbated by the use of RealPage, a company that uses secret subscription services to facilitate shadowy price fixing at the expense of working class affordability. I applaud our Attorney General, Matt Platkin, for going after companies that violate state and federal antitrust laws.

“As the lawsuit alleges, RealPage and similar companies—including AvalonBay, which operates in Hoboken—use pay-to-play algorithms that allow landlords to securely share sensitive rent data, allowing them to hike prices in a coordinated manner. Back when we as Americans used to care about monopoly power and antitrust laws, this was called price collusion, and it is textbook-level illegal. We have so many landlords of every size in Hoboken who operate within the four corners of the law to try and make ends meet, so let’s be absolutely clear: landlords who break the law should not be welcome here.

“I was born and raised in Hoboken, and I can tell you that we’ve always been a ‘tale of two cities;’ some of the most expensive units are located near the water, and on the opposite end of town the Hoboken Housing Authority, where many of our low-income residents live, has been begging for an upgrade for decades. In the Mile Square City we’ve stopped caring about middle incomes. That’s why, in addition to proudly voting for the construction of new affordable units for veterans, seniors, and our local workforce, I’ve led the mayoral race from a policy standpoint, specifically with regards to housing proposals. Additionally, in my community town hall meetings I’ve spoken at length about instituting brackets for housing that target middle-income individuals and families. I am not a rich man; I know how important it is to make rent.

“My hope is that this lawsuit prevails. The last few years have been a total disaster for people trying to access decent housing that they can afford, and we do not have room in Hoboken for those who cheat the system. I commend the Attorney General’s office and wish them the best in their pursuit of justice.”