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New York renters sue Compass over alleged rental monopoly. A class-action filed in Manhattan targets Compass's 80% market grip on NYC rental listings Two New York City renters have filed a federal class-action lawsuit against Compass, Inc., accusing the residential real estate giant of monopolizing the city's rental market and artificially driving up rents. It is the first lawsuit of its kind since Compass completed its $1.6 billion acquisition of Anywhere Real Estate. Peter Castaneda and Haley Gelfand filed the complaint on August 19, in the US District Court for the Southern District of New York. The suit claims that Compass - which through its Anywhere Real Estate acquisition absorbed Century 21, Coldwell Banker, Corcoran, Sotheby's International Realty, ERA, and Better Homes & Gardens - now controls an estimated 80% of rental unit listings in New York City. That market concentration, the plaintiffs allege, has been weaponized to "intentionally cause an existential surge in the price of rental unit-specific apartments." The complaint, brought under the Sherman Antitrust Act, New York's Donnelly Act, and unjust enrichment claims, also alleges that Compass leadership directed agents in July to pull rental listings from Zillow-owned StreetEasy, a move the plaintiffs say further constrained the already-depleted supply of available apartments. Castaneda and Gelfand each signed leases for $5,270 per month, which they claim are artificially elevated. "New York City's affordability problem has escalated from a challenge into a crisis," Blake Hunter Yagman, the New York-based attorney representing the plaintiffs, told Realtor.com. "Our lawsuit aims to restore competition so that renters have full access to the supply of available apartments across the city." Congressional pressure builds on both flanks. The lawsuit arrives as both chambers of Congress are pressing Compass on its business practices. In July, Rep. Scott Fitzgerald (R-WI), chair of the House Judiciary Subcommittee on Antitrust, sent letters to Compass CEO Robert Reffkin seeking a hearing on Capitol Hill. Sen. Elizabeth Warren (D-MA), ranking member of the Senate Banking Committee, followed with a letter of her own, setting an August 21 deadline for Compass to respond to her concerns about its Private Exclusives listings program and its partnership with Chicago-based Midwest Real Estate Data (MRED). In that letter, Warren warned that the arrangement "threatens to create a two-tiered housing market where insiders pay for exclusive access to housing inventory and market data, while everyone else is shut out." New York Attorney General Letitia James has reportedly been investigating Compass's conduct since June 2026. A rental market already under pressure. For mortgage professionals, the lawsuit underscores what many brokers already know: the path from renting to buying in New York has rarely been steeper. The Realtor.com New York City Rental Report for Q2 2026 showed the median asking rent hit $3,707, up 4.6% year-over-year and the highest on record. That figure represents a 30.5% increase from 2019 levels, nearly double the 16.4% gain registered nationally over the same period. NYC renters trapped as the rent-to-purchase gap hit a record high in the first quarter of 2026, with the spread between what existing tenants pay and current asking rents surpassing $1,750 a month in the city. Renters locked into below-market leases face steep cost increases when they move, a dynamic that keeps would-be first-time buyers anchored in their apartments long past their financial readiness to purchase. If the court certifies the class-action request, the suit could cover any renter of a non-rent-stabilized, multifamily unit in the New York metro area from August 1 onward. With the NYC rent freeze policy threatening to push free-market rents even higher, the pressure on unregulated inventory - where Compass's alleged market dominance is most acute - may only intensify as the case proceeds. Our daily newsletter is FREE and keeps you up to date with the world of mortgage. Please complete the form below and click on SIGN UP to receive daily e-newsletters from Mortgage Professional.

Palisades realtor opens office on West Channel. The Palisades Estates, a boutique real estate firm under the umbrella of The Beverly Hills Estates, celebrated the opening of a new office at 100 West Channel Road on August 15. At the helm of the company is Palisadian Jacqueline Chernov, who pitched the idea for The Palisades Estates to the owners of The Beverly Hills Estates, Branden and Rayni Williams, shortly after the Palisades Fire. Chernov lost both her home in the Alphabets and a rental home on Alma Real Drive during the fire, and evacuated to a hotel with her son and two dogs. "After the fire, [I said] what if we focus on the rebuilding of the Palisades?" Chernov said. "I had a vision at that moment that this was the move - there was going to be a lot of opportunity and a lot of ways to be able to help the community in whatever way we could." Chernov, who previously worked at Compass Real Estate, brought the idea to the Williamses at a meeting at their office on a rainy day following the Palisades Fire. "I went over there, and I just remember that I had no clothes and I'd lost everything," Chernov said. "I had to run to the Beverly Center to buy something to go into the office - I had no umbrella, no raincoat. I walked in like a wet dog, and Rayni and Branden said they really wanted me to come over there." The Williamses embraced the concept, so Chernov worked to bring the idea to life. She said it was difficult to find suitable office space since commercial real estate in Pacific Palisades remains scarce. According to Chernov, the space on West Channel felt like the right fit to service the Palisades, as well as neighboring areas including Santa Monica and Brentwood. Now that she has opened the office space, Chernov said she sees an opportunity to serve as a resource for the community. She hopes to grow her office to 12 to 15 agents and help write the next chapter for the community as it rebuilds. "There have been a lot of people reaching out to the fire survivors, and they're not from the area," Chernov said. "Everyone's very sensitive because it's been a traumatic experience in so many ways" Chernov said her experience losing everything in the Palisades Fire gives her a greater understanding of the market. "I'm really knowledgeable right now about how to build a house and what you need to do - architects, the process, the steps," she said. "I'm trying to be a resource to the community - whether you need a builder, a landscaper or just a friend to cry to." While launching the business, Chernov has also been dealing with the challenges of her own recovery. She is currently renting a house in Malibu while rebuilding both her homes. "It's really helped me be able to be empathetic, and it opens people up to me because I'm going through the same pain," she said. "I don't think you can actually understand this unless you've gone through such a devastating experience yourself."

Scudetto logistics (Trenton). 120 layoffs Announced: February Effective: 5/14/26 Scudetto is a self-described "family-ran, privately owned logistics company providing services as an Amazon Delivery Service Partner," according to an online profile. The company has announced 120 layoffs out of Trenton, effective by May. (Google Maps, Cigna) Cigna Evernorth Health Services (Morris plains). 134 layoffs Announced: February Effective: 4/29/26, 5/3/26, 5/20/26 Cigna-owned Evernorth Health Services handles pharmacy, care, and other health solutions. In February, the company announced 134 layoffs effective in late April and May. (Google Maps) Target (burlington, gloucester, middlesex, monmouth). 107 layoffs Announced: February Effective: 5/17/26 Cuts announced by Target include some at the store district level and the rest at supply chain sites, according to an internal email cited by CNBC. The cuts from those areas means the company can add "significantly more payroll in our stores," the email also said. (Google Maps) Compass Inc. (Madison). 110 layoffs Announced: February Effective: 1/9/26 - 8/14/26 Compass Inc. (a New York-based tech real estate firm) announced 110 job cuts out of Madison to be completed by August, following a $1.6 billion merger with Madison-based Anywhere Real Estate. The merger creates a combined entity, featuring brands like Coldwell Banker and Sotheby's. (Google Maps, Walmart) Walmart (Hoboken). 100 layoffs Announced: February Effective: 5/1/2026 Walmart has announced another 100 layoffs based out of its Hoboken offices, effective by May. Last year, the massive retailer began relocating corporate positions to a new, 350-acre site in Bentonville, Arkansas, with 2.4 million square feet of office space. Under that restructuring, in 2025 Walmart announced 668 layoffs, if not relocating out of New Jersey. March Biggest layoffs New Jersey 2026 - RB Mead Johnson Parsippany Reckitt Benckiser, RB Health, Mead Johnson (Parsippany). 94 layoffs collectively Announced: March Effective: 3/2/26 - 8/31/26 Reckitt Benckiser (RB) acquired major baby formula maker, Mead Johnson Nutrition in 2017 for $17.9 billion. Listed in three lines, the layoffs based in Morris County are as follows: -62 layoffs for Reckitt Benckiser -14 layoffs RB Health -18 layoffs Mead Johnson (Google Maps) Merck (Rahway). 88 layoffs Announced: June Effective: 9/4/26 In June, Merck announced 88 layoffs based out of Rahway, effective in early September. This follows 204 cuts announced by the pharmaceutical giant in November, also based out of its Rahway business complex. (Google Maps) Sandy alexander (clifton). 151 layoffs Announced: April Effective: 7/19/26 The commercial printing business announced 151 layoffs, effective by mid-July. (Google Maps) Gerresheimer glass (vineland). 139 layoffs Announced: August Effective: 9/1/26 - 7/30/27 (Google Maps) Fiserv solutions (Berkeley Heights). 118 layoffs Announced: March Effective: 3/31/26 - 5/31/26 In 2021, Fiserv, a leading global provider of payments and financial services technology, expanded its presence in New Jersey to a four-story building at 100 Connell Drive. Fiserv, based in Wisconsin, at the time received a state tax credit award of $109 million over seven years, MyCentralJersey reported. In March, the company announced 118 layoffs out of Berkeley Heights, from late in the month through May. (Google Maps) Danone North America (Bridgeton). 114 layoffs Announced: May Effective: 8/4/26 and 11/2/26 After more than 20 years, Danone North America will close its Bridgeton plant, laying off 114 workers, NJ Biz first reported. The food giant that makes yogurt and soy milk opened the 185,000 square-foot location in 2001. (Google Maps) Acme (Edgewater). 115 layoffs Announced: May Effective: 8/15/26 In May, Acme Markets announced 115 layoffs out of Edgewater, effective in August. (Google Maps) Sheraton Atlantic City Convention Center Hotel (Atlantic City). 99 layoffs Announced: July Effective: 10/1/26 Headquarters Hotel Mgmt, which operates as Sheraton Atlantic City Convention Center Hotel, is laying off 99 staffers, as confirmed with an NJ WARN notice. It is the result of an overall, state-approved redevelopment plan to convert a number of the hotel's rooms to senior housing. (Google Maps) IPIC (Fort Lee). 97 layoffs Announced: February Effective: 5/28/26 IPIC Fort Lee is a dine-in movie theater within the Hudson Lights center in Fort Lee. The company filed for Chapter 11 bankruptcy in February, and the 97 layoffs in NJ were part of that. (Google Maps, Labcorp) Lapcorp (Raritan). 83 layoffs Announced: March Effective: 7/3/26 - 7/17/26 Labcorp Raritan announced 83 layoffs in March, effective in July. (Google Maps) Fulton Bank (Parsippany). 95 layoffs Announced: May Effective: 7/31/26 and 10/2/26 Fulton Bank announced 95 layoffs out of Parsippany, effective by July and October. The cuts are on the heels of the company's $243 million acquisition of Blue Foundry Bank, NJ Biz reported. (Google Maps) DoubleTree Hilton (Somerset). 90 layoffs Announced: May Effective: 8/1/26 - 8/5/26 The DoubleTree hotel chain owned by Hilton has been faced with closures this year. In May, the Somerset location announced 90 layoffs, effective by August. (Google Maps) Merck & co (Rahway). 88 layoffs Announced: June Effective: 9/4/26 Merck kicked off June by announcing 88 layoffs, effective by September. That follows 204 layoffs, largely out of the pharmaceutical giant's Rahway complex, announced late last year. (Google Maps) ADP (roseland). 76 layoffs Announced: June Effective: 9/25/26 (Google Maps, Towsquare Media Illustration) Johnson and Johnson (New Brunswick). 56 layoffs Announced: May Effective: 8/21/26 The first this year for the New Brunswick based pharmaceuticals and homecare giant, Johnson and Johnson announced 56 layoffs, effective in August. A spokesperson said the layoffs stem from the company's planned spinning off of its orthopedics business from its MedTech sector, Fiercepharma reported.