"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,"
"listing syndication with Redfin benefits both renters and property managers"
"expanded renters' access to multifamily listings."
"strongly disagrees with the FTC's allegations"
The U.S. Federal Trade Commission filed a lawsuit alleging Zillow and Redfin entered an illegal agreement that suppressed competition in online rental advertising. The FTC alleges the agreement began in February when Zillow paid Redfin $100 million and that Redfin agreed to end contracts with advertising partners, stop competing multifamily property ads for up to nine years, and syndicate Zillow listings on Redfin's sites. The complaint notes Redfin fired hundreds of employees and aided Zillow in hiring some of those workers. The FTC warns the arrangement could reduce competition, raise prices, and limit choices for multifamily advertising customers. Zillow and Redfin deny wrongdoing.
Read at Newsday
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