We’re committed to continuing to address our city’s housing affordability crisis and severe undersupply of homes. GETTY IMAGES

Austin Business Journal shares, "It’s no secret that the Austin region has flourished over the past two decades, producing one of the greatest economic development success stories of the past half-century. Texas has consistently been named one of the best states to do business – with Austin helping to lead the way – and three of the top four fastest-growing cities in the country are located in Central Texas. Austin’s economy consistently outperforms national averages except for one glaring exception – housing.*

Austin desperately needs more housing. Our housing market’s severe undersupply of homes, specifically for low- and middle-income buyers, is a challenge our city must overcome not just for our regional economy, but for the people who live and want to live in Austin. The true scale of Austin’s undersupply of housing was brought to the forefront for our community last year with the release of the Austin Board of Realtors “The Truth About Austin’s Missing Housing” report and its companion piece “The Truth About Austin’s Missing Housing - District Level Analysis.”

These analyses found that for a four-person household earning 80% or less of the median family income, there’s a 50% shortage of homes considered affordable for them in the city of Austin. That’s a shortage of exactly 211,023 homes. Simply put, there are not enough homes for everyone who wants to live in Austin, resulting in displacement and difficulty obtaining housing.

We need to solve the housing supply shortage crisis because the vast majority of these missing homes are for our local teachers, firefighters, recent graduates and many more Austinites who are continuously being pushed out of the city simply because they cannot find an affordable home. These individuals and families play vital roles in our community and deserve housing options within the city limits that are accessible and affordable to their income.

These statistics are more than just numbers on paper – it’s Austin’s call to action. The Austin City Council began tackling these issues head on last year and approved several important housing policies designed to remove regulatory barriers to housing, reduce the cost of housing and unlock housing opportunities throughout Austin. These are all steps in the right direction, but we must continue to forge the path forward and champion housing policies that embrace growth, development and most importantly, inclusivity.

This May, the Austin City Council will consider a series of additional changes to the city’s land development code that will make it easier to build more homes across the city, allow for a greater variety of housing types and encourage transit-supportive density to help address the affordability crisis. It’s imperative for council to approve these land use changes as they will help lay the foundation for a future that ensures Austin has a housing market that is attainable and equitable for everyone.

We’ll have to work together because only community action will help our city take the necessary steps forward to fix the inaction that has been apparent for decades. We must come together to allow more types of housing so Austin is a place everyone can afford to call home.

We’re committed to continuing to address our city’s housing affordability crisis and severe undersupply of homes. We urge you to engage with your city council members to champion land use changes that help create more housing options throughout Austin. Let’s come together to ensure all individuals and families can thrive in the city we love."


Source: Austin Business Journal

Written by: Emily Chenevert

Published: May 13, 2024

Posted by Grossman & Jones Group on


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