Proptech

The property technology, or proptech, market covers a wide range of companies offering products and services meant to, for example, automate tenant-landlord interactions, or expedite the home purchasing process. 

Kukun focuses on helping homeowners and real estate investors assess the return on investment they’d get from renovating their properties and on predictive analytics that model where property values will rise in the future.

Doing this kind of estimation requires the use of what’s called an automated valuation model (AVM), a machine-learning model that predicts the prices or rents of certain properties. 

In April 2024, Kukun was one of eight companies selected to receive support from REACH, an accelerator run by the venture capital arm of the National Association of Realtors (NAR). Last year NAR agreed to a settlement with Missouri homebuyers, who alleged that realtor fees and certain listing requirements were anticompetitive.

“If you can better predict than others how a certain neighborhood will develop, you can invest in that market,” says Fabian Braesemann, a researcher at the Oxford Internet Institute. 

Doing so requires data, access to which can make any machine-learning model more accurate and more monetizable. 

This is the crux of the potential conflict of interest: While it is unclear how Langmack and Mirski are using or interpreting it in their roles at HUD, what is clear is that they have access to a wide range of sensitive data.