Housing Connector and Zillow help 10,000 people find homes

SEATTLE - Housing Connector, a tech-powered nonprofit, and Zillow (NASDAQ:Z), the $16.6 billion real estate technology company, have reached a milestone of helping 10,000 people find stable housing through their collaborative platform, according to a press release issued Thursday. According to InvestingPro data, Zillow maintains a strong financial position with a healthy current ratio of 3.34, indicating robust operational capacity to support such initiatives.

The initiative, which began in 2019 as a local solution in Seattle, has expanded to eight markets across seven states, paralleling Zillow’s broader business growth, which has seen revenue increase by 15.31% over the last twelve months. The platform connects individuals experiencing homelessness with property owners who have adjusted their screening criteria to accommodate barriered populations.

"Behind every door unlocked is a team and community that refuses to accept that homelessness is inevitable," said Shkëlqim Kelmendi, Founder and CEO of Housing Connector.

The program leverages Zillow’s rental technology to create a marketplace that simplifies the process of matching available housing units with people in need. According to the organizations, the solution costs approximately $1,000 per household annually, compared to the estimated $40,000 annual cost to support an unhoused person through public systems.

Jennifer Butler, Vice President of Government & Community Relations at Zillow, emphasized the importance of cross-sector collaboration: "This milestone is a powerful example of what’s possible when we bring the right partners to the table—government, nonprofits, and the private sector."

The program operates on two fronts: increasing housing inventory by adjusting screening criteria for vacant units and preventing evictions before they occur. Housing Connector plans to expand to 15 markets and help 30,000 people over the next three years. For investors interested in understanding Zillow’s full potential and strategic initiatives, InvestingPro offers comprehensive analysis with 8 additional ProTips and detailed financial metrics in its Pro Research Report, available as part of the subscription.

To commemorate the milestone, the organizations will host an event called "Doors Unlocked: A Toast to 10,000 Stories" on October 9 in Seattle, bringing together leaders from various sectors involved in addressing homelessness.

In other recent news, Zillow launched its real estate application on ChatGPT, making it the first property platform to integrate with the AI service. This new feature allows users to search for properties using conversational queries directly within the ChatGPT interface. Additionally, OpenAI unveiled a feature called "talking to apps," enabling ChatGPT users to interact with services like Spotify and Zillow without leaving the app.

Meanwhile, Zillow is facing legal challenges as the Federal Trade Commission filed a lawsuit against the company and Redfin over a $100 million rental market deal. The FTC alleges that the agreement unlawfully suppresses competition by eliminating Redfin as an independent competitor. Keefe, Bruyette & Woods reiterated its Market Perform rating on Zillow amid this lawsuit. These developments highlight the ongoing changes and challenges facing Zillow in the current market landscape.

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