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You're literally describing something that happened - with a fig leaf of "algorithm" to (unsuccessfully) try to keep things legal. https://www.propublica.org/a

• SV_BubbleTime 2y ago
  That sure seems like an article written to rile people up who want to be riled up. Let’s use simple reason here… If there isn’t enough supply, rates will go up, coordination or not. If there is no supply issue, landlords who conspire to raise rents will be immediately undercut by those that do not. Article makes allegations, and nothing came of them. It’s not illegal to call and ask prices. Prices that they’re “agreeing on” were all what people were paying.