The post FTC sues Zillow, Redfin alleging antitrust violation in online rentals appeared on BitcoinEthereumNews.com. The stock market graphic of Zillow Group is displayed on a smartphone with the logo of Zillow in the background on Feb. 21, 2021. Sopa Images | Lightrocket | Getty Images The Federal Trade Commission is suing real estate giants Zillow and Redfin, alleging the two illegally conspired to reduce competition in the online multifamily rental listing market, the agency said Tuesday.  In the complaint, the FTC alleges that the companies violated federal antitrust laws earlier this year when Zillow paid Redfin $100 million to essentially re-host Zillow multifamily rental listings on Redfin and its sites. Zillow- and Redfin-owned platforms like Zillow Rentals and Rent.com are used by millions of Americans searching for their next home, the FTC said. As part of the arrangement, the agency said Redfin agreed to terminate contracts with its existing advertising customers and assisted Zillow in acquiring that business. Redfin also committed to staying out of the multifamily advertising market for up to nine years and reduce its role to merely syndicating Zillow’s listings, making Redfin’s sites virtually identical to Zillow’s. The FTC also alleges that Redfin fired hundreds of employees shortly after the deal was signed and then helped Zillow selectively rehire many of them.  “Paying off a competitor to stop competing against you is a violation of federal antitrust laws,” said Daniel Guarnera, director of the FTC’s bureau of competition, in a statement. “Zillow paid millions of dollars to eliminate Redfin as an independent competitor in an already concentrated advertising market—one that’s critical for renters, property managers, and the health of the overall U.S. housing market.” Following the FTC’s announcement, shares of Zillow and Redfin parent Rocket Companies fell sharply in afternoon trading. “Our listing syndication with Redfin benefits both renters and property managers and has expanded renters’ access to multifamily listings across… The post FTC sues Zillow, Redfin alleging antitrust violation in online rentals appeared on BitcoinEthereumNews.com. The stock market graphic of Zillow Group is displayed on a smartphone with the logo of Zillow in the background on Feb. 21, 2021. Sopa Images | Lightrocket | Getty Images The Federal Trade Commission is suing real estate giants Zillow and Redfin, alleging the two illegally conspired to reduce competition in the online multifamily rental listing market, the agency said Tuesday.  In the complaint, the FTC alleges that the companies violated federal antitrust laws earlier this year when Zillow paid Redfin $100 million to essentially re-host Zillow multifamily rental listings on Redfin and its sites. Zillow- and Redfin-owned platforms like Zillow Rentals and Rent.com are used by millions of Americans searching for their next home, the FTC said. As part of the arrangement, the agency said Redfin agreed to terminate contracts with its existing advertising customers and assisted Zillow in acquiring that business. Redfin also committed to staying out of the multifamily advertising market for up to nine years and reduce its role to merely syndicating Zillow’s listings, making Redfin’s sites virtually identical to Zillow’s. The FTC also alleges that Redfin fired hundreds of employees shortly after the deal was signed and then helped Zillow selectively rehire many of them.  “Paying off a competitor to stop competing against you is a violation of federal antitrust laws,” said Daniel Guarnera, director of the FTC’s bureau of competition, in a statement. “Zillow paid millions of dollars to eliminate Redfin as an independent competitor in an already concentrated advertising market—one that’s critical for renters, property managers, and the health of the overall U.S. housing market.” Following the FTC’s announcement, shares of Zillow and Redfin parent Rocket Companies fell sharply in afternoon trading. “Our listing syndication with Redfin benefits both renters and property managers and has expanded renters’ access to multifamily listings across…