According to the Washington Post, technology start-ups are working to disrupt the affordable housing industry in a variety of ways.
Companies such as Module, which manufactures Lego-like prefabricated housing, or Rentlogic, which culls publicly available data to issue ratings for 1.1 million apartment buildings in New York City to give tenants more bargaining power, are looking to make a difference in the housing crisis — and build successful businesses.
“What we really need to see is a transformation in how housing is provided and consumed, not so much from a regulatory or subsidy-driven approach but really from a transformation on the market side,” said Matt Hoffman, former vice president of innovation at Enterprise Community Partners, where he built an investment portfolio of start-ups trying to make housing more affordable. Hoffman left Enterprise in May after he said his position was eliminated. He’s now a managing partner at Innovation Ventures, a spinoff of his work at Enterprise.
“Many start-ups try to overpromise,” said Brian Gaudio, CEO of Pittsburgh-based Module. “We’re not a silver bullet to solve the affordable housing crisis, but we’re a very important component of it.”
Advertisement
Related Stories
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers
Financing
Q1 2024 Foreclosure Activity Rises Slightly
Data show New York, Houston, and Chicago topping the list of major metros with the greatest number of foreclosure starts during Q1 2024
Market Data + Trends
More Listings, Lower Rates This Week
The market perks up with a recent influx of fresh housing listings, and the week ending March 28 sees a dip in mortgage rates