Austin, Texas has become one of the most expensive cities to live in the United States, largely due to high housing costs. As a result, city legislators have taken a crucial step towards increasing housing supply by approving a resolution that reduces the size of lots needed for housing developments. The capital of Texas has always been a desirable place to call home, with many residents turning to Austin self storage for their storage needs. However, with an average of 180 new residents arriving each day, the city is facing a housing crisis that is reshaping its landscape. According to a report by The New York Times, Austin is on track to become the second least affordable metropolitan area in the country, after California.
While there is widespread agreement that Austin needs more housing, there is no consensus on where it should be built. In theory, this question should be answered through a comprehensive code of territorial development, which would determine zoning categories and dictate what can be built and where. The last time Austin updated its code was in 1984, when the city was home to less than half of its current population. Efforts to rewrite these regulations have failed, with landlords strongly resisting and even filing lawsuits. This is largely due to homeowners in West and Central Austin effectively blocking any development other than single-family housing.
As a result, many real estate developers have given up on building in these areas. Property experts have found that Austin has the highest cost of living in Texas when analyzing annual municipal taxes on property, utilities, and home prices compared to the average annual income per capita. I recently spoke with Edgar Sandoval, a reporter for The New York Times based in San Antonio, about why Austin has become so unaffordable and what city leaders are doing about it. According to a forecast by Zillow, a real estate company that tracks affordability, the Austin metropolitan area is set to become the second least affordable major metropolitan region for homebuyers outside of California by the end of this year. The rapid increase in housing costs has forced low-income residents, particularly people of color, to leave their established neighborhoods or even the city itself, as new developments aimed at newcomers replace their homes and familiar places.
Matthew, who grew up in Austin, has seen the transformation firsthand as trees were cut down and the land was covered with concrete to build luxurious housing estates. With its flagship campus at the University of Texas, rolling hills, and vibrant music scene, Austin has always been an attractive place to live. However, in June, city staff analyzed compatibility standards and found that Austin has some of the most restrictive rules in the country when it comes to what can be built next to each other. This transformation has been most acutely felt in East Austin and the Montopolis neighborhood, a 2.5 square mile area southeast of downtown. What was once a historically black and Latino neighborhood with unobstructed views of the skyline is now a highly sought-after community filled with modern restaurants and luxury apartment complexes.
Dianna Dean, who is black, grew up in East Austin when the city was still segregated by Interstate 35. She earned a nursing degree from Austin Community College. In recent years, Austin has undergone rapid changes as one of the fastest-growing cities in the United States. Churches have been demolished, mobile home parks have been replaced with upscale developments, and trendy restaurants and luxury apartments have taken over once-familiar places. Mehra started small by buying investment properties and renting them out to artists and others who couldn't afford to live in Austin otherwise. Imagine a medium-sized city moving to Austin and all these people trying to find a place to call home.
