"To my family, homeownership was everything," cofounder and CEO Adena Hefets said, expressing the foundational aspiration that shaped Divvy Homes' mission and value proposition.
Divvy initially gained traction by promising families a pathway to homeownership in a challenging market, distancing itself from the predatory practices of the rent-to-own sector.
As the company expanded, customer complaints about unaddressed repairs and dissatisfaction with the buying process began to accumulate, highlighting cracks in Divvy's service model.
The Federal Reserve's interest rate hikes significantly impacted Divvy's business model, which had been thought to be insulated from such economic fluctuations, leading to layoffs.
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