Elizabeth Warren Is Actually Right About This One, Trump Should Beat Her To The Fix
Democrat Massachusetts Sen. Elizabeth Warren, believe it or not, has a valid point: should the country’s biggest real estate players be allowed to prevent American citizens from simply looking at which homes are even for sale? It’s hard enough to find an affordable home on the market today — should the available inventory now sit behind a paywall, too?
Unfortunately, that’s exactly the situation today for potential homebuyers.
The nation’s largest brokerage, Compass, and the dominant multiple listing service (MLS) in the Chicago area — Midwest Real Estate Data (MRED) — are working in cahoots to wall off listings behind a private, pay-to-see network.
If lawmakers don’t step in, it will be only a matter of time before the practice spreads to listings nationwide.
Warren sent a letter demanding answers, with a deadline of Aug. 21. As of this writing, and to no surprise, there has been no public indication that either company has responded. Wisconsin Republican Rep. Scott Fitzgerald, who chairs the House Judiciary Committee’s antitrust subcommittee, sent a similar letter in July with an Aug. 5 deadline, asking Compass and MRED to brief subcommittee staff by that date; however, Compass never confirmed it would do so.
The ball is now in the Trump administration’s hands — specifically the Department of Justice and the Federal Trade Commission — to do something.
For decades, MLS databases have been the shared bulletin board of the real........
