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When parts of Los Angeles were ravaged by wildfires last month, some unscrupulous landlords tried to take advantage of the desperate scramble for temporary housing, raising rents by 50% or more in some cases, according to authorities.

After Hurricanes Milton and Helene hit the southeast U.S. last fall, there were hundreds of complaints of overcharging for gas, water, groceries and hotel stays. And during COVID-19, the Department of Justice created an entire taskforce to prosecute those who were behind steep markups on face masks and other protective equipment.

All of these instances were labeled price gouging, a term you’ve probably heard or read about in the news. But in a period of persistent inflation, what exactly determines when it’s price gouging rather than just the expected byproduct of a supply and demand imbalance?

Context matters here. Price gouging refers to capitalizing on sudden needs by raising prices to unreasonably high levels. It usually happens during a natural disaster or other emergency, when a victim is desperate and feels they have no choice but to pay $99 for a case of water, $10 for a gallon of gas, or triple the normal rate for a hotel room.

In short, price gouging is localized and opportunistic. Inflation, on the other hand, reflects broad economic shifts over a longer period of time and typically affects everyone. (It’s worth noting, however, that some economists object to bans on price gouging, seeing them as disruptive to the free-market forces that limit shortages.)

There is no federal law explicitly prohibiting price gouging. But 39 states have specific laws against it, and in most states it’s considered a violation of laws against unfair or deceptive trade practices, according to the National Conference of State Legislatures. Some states define price gouging as an increase of 10%, 15% or 20% over the pre-crisis price, while others simply say it must be excessive.

So what? If there’s a hurricane, wildfire or other declared emergency in your area, beware of costs that suddenly spike. You can report price gouging to your state’s attorney general to investigate, and offenders may face fines or even imprisonment.

Related Reading

•   Los Angeles Landlords Jack Up Rent by as Much as 124% — Flouting Price Gouging Laws During Deadly Wildfires (USA Today)

•   N.Y. Attorney General Warns Businesses Against Price Gouging Amid Rising Egg Costs (Associated Press via Spectrum News)

•   How to Identify and Report Price Gouging (U.S. PIRG Education Fund)

Image credit: Bernie Pesko/SoFi Source: iStock/CentralITAlliance

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New product offering creates America’s most rewarding financial membership, all in one app;
‘Power of Plus’ sweepstakes offers chance to achieve one of America’s top financial ambitions

SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, announced more than eight new benefits to SoFi Plus, offering its members $1,000+ in annual value. SoFi Plus, the company’s premium financial membership, now offers exclusive access to preferred pricing on products and services, complimentary financial planning, rewards, and special events. SoFi members can unlock SoFi Plus for $10 a month or at no cost with direct deposit, no minimum balance required. To celebrate the launch, SoFi has launched the ‘Power of Plus’ sweepstakes, where both new and existing SoFi Plus members can enter for a chance to win one of six of America’s top financial ambitions.

“With the new offerings from SoFi Plus, SoFi has created America’s most rewarding financial membership—one that’s more than just about products and services. It’s about empowering our members to realize their ambitions,” said Anthony Noto, CEO of SoFi. “SoFi Plus now delivers the strongest suite of premium benefits designed to meet our members where they are and help them get their money right. We’re giving our members unmatched access to the resources they need to confidently shape their financial futures.”

New benefits and preferred pricing for SoFi Plus members:

• Unlimited 1% Invest rewards match: Members with a recurring SoFi Invest deposit enjoy an unlimited 1% match paid in rewards points.
• Unlimited 1:1 financial planning: Members can schedule unlimited appointments with financial planners at no cost, valued at $250 per session.
• $1K discount on home loan closing: When approved for a SoFi home loan mortgage, members can enjoy a $1,000 discount at the closing of their eligible home loan on top of the already competitive rates they receive from SoFi.
• Student loan refinance exclusive rate: Members receive an exclusive discounted rate on new student loan refinances.
• 3% cash back on hotels with SoFi Travel powered by Expedia: SoFi Plus Members can earn three times the rewards when using any card for hotel bookings through the SoFi Travel portal, powered by Expedia.
• SoFi Plus Experiences: Members receive exclusive access to VIP events in pro sports games, concerts, and live experiences at the SoFi Stadium, TGL, and more.
• Enhanced savings on Hello Privacy and Trust & Will: Members receive a 50% discount on HelloPrivacy’s tools to protect members’ data and remove their information from risky sites, as well as a $200 discount for a Trust, making it easier for members to plan for their future with confidence

SoFi Plus members will continue to benefit from these exclusive benefits:

• Preferred IPO allocations: Members with a SoFi Invest brokerage account can receive priority IPO allocations, providing members with access to IPOs before they’re traded on the public market, a perk that has historically been reserved for high net worth individuals.
• Our best APY: Earn 3.80% APY (annual percentage yield) on their SoFi Savings and Vault balances.
• Credit card cash back boost: A 10% boost on members’ SoFi Credit Card cash back rewards rate—that’s up to 3.3% cash back rewards.
• Double The Rewards: Earn double rewards points on qualifying activities.
• Personal Loan Discount: A 0.25% rate discount on new personal loans

To sign up for SoFi Plus and to learn more, visit www.sofi.com/sofi-plus/.

‘Power of Plus’ Sweepstakes will fund six of America’s most desired ambitions:

To celebrate the launch of SoFi Plus’ new premium benefits, six lucky members will win one of America’s top financial ambitions. In a recent survey, SoFi asked people across the country about their biggest financial ambitions. The Top 2025 financial goals included saving for a major purchase such as a house (44%), reducing debt (49%), as well as planning for retirement (35%). These findings helped shape SoFi Plus’ new premium benefits and the ‘Power of Plus’ ambitions sweepstakes, which runs from February 11 to May 14, 2025. See Official Rules.

SoFi Plus members can enter to win:

• A new home: $400,000 toward purchasing a home.
• Education: $70,000 to pay down student debt.
• Early retirement: Receive the maximum IRA contribution of $7000 per year for five years.
• Dream vacation: $35,000 to fund a well-deserved vacation.
• Wedding: $35,000 to plan or pay down a dream wedding.
• An all-expense-paid trip to an epic sporting event: $25,000 to put towards watching the best athletes on the court.

Enter the ‘Power of Plus’ sweepstakes by signing up here and selecting a financial ambition for a chance to win. Existing members can boost their chances with additional entries by referring family or friends and sharing the sweeps on their social media. No purchase necessary, mail-in entries available. See Official Rules.*

To learn more about SoFi and SoFi Plus visit https://www.sofi.com/sofi-plus/ and follow SoFi on Instagram and X for all SoFi educational content, news and product updates.

About SoFi

SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps its over 10.1 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.

SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit https://www.sofi.com or download our iOS and Android apps.

Disclosures:

*NO PURCHASE NECESSARY. A PURCHASE WILL NOT INCREASE YOUR CHANCES OF WINNING. Open only to legal residents of the 50 US/DC, 18+. Void where prohibited by law. Sweepstakes ends at 11:59 pm ET on 5/14/25. Subject to Official Rules, including alternate and free methods of entry, prizes, limits, and odds, click here. Sponsor: Social Finance LLC (“SoFi”) 234 First Street, San Francisco, CA 94105