Austin

Axios Austin

It was nearly impossible to dodge the cryptocurrency and NFT talk during this year's South by Southwest, and that hype returns to Austin next month for CoinDesk's "Consensus" conference.

State of play: Crypto enthusiasts will descend upon the convention center from June 9-12 for a week of conversations around blockchain, crypto, Web 3 and the metaverse.

Why it matters: For better or worse, crypto's popularity is gaining steam, and the conference's switch to Austin underscores the city's dominance as a tech hub.

Details: Crypto is changing the way people buy and sell.

It's already a $2 trillion trading market, and wildly popular among young people, especially rich ones.

Yes but: The market is volatile, recently humbling companies that made a big show of building up exposure to digital assets in recent years.

What they're saying: Mayor Steve Adler, who is expected to speak at the event, praised the move.

"Every day this disruptive revolution becomes more and more mainstream," he said in a statement. "Austin, a city of early adopters where new and great ideas flourish, embraces this new world and is eager to 'welcome home' Consensus 2022."

Of note: Ticket prices for Consensus range from $1,200 to as high as $9,000, with discounts for students and academia.

Crypto returns to Austin for Consensus conference

Crypto enthusiasts will descend upon the convention center from June 9-12 for a week.

Animated illustration of a hand holding a rotating glowing golden pixel coin.

It was nearly impossible to dodge the cryptocurrency and NFT <a class="gtmContentClick" data-vars-link-text="talk during this year&#x27;s South by Southwest" data-vars-click-url="https://www.axios.com/local/austin/2022/03/15/nfts-austin-sxsw-cryptocurrency" data-vars-content-id="3dddc6d4-0b8f-4942-a8da-87471e2e74bd" data-vars-headline="Crypto returns to Austin for Consensus conference" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/austin/2022/03/15/nfts-austin-sxsw-cryptocurrency" target="_self">talk during this year&#x27;s South by Southwest</a>, and that hype returns to Austin next month for CoinDesk&#x27;s &quot;<a class="gtmContentClick" data-vars-link-text="Consensus" data-vars-click-url="https://www.coindesk.com/consensus2022/" data-vars-content-id="3dddc6d4-0b8f-4942-a8da-87471e2e74bd" data-vars-headline="Crypto returns to Austin for Consensus conference" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.coindesk.com/consensus2022/" target="_blank">Consensus</a>&quot; conference.State of play: Crypto enthusiasts will descend upon the convention center from June 9-12 for a week of conversations around blockchain, crypto, Web 3 and the metaverse.

News

Business

Dozens of customers wrapped around the building that houses Poke Bay and Kung Fu Tea over the lunch hour Wednesday as a viral video about the University of Texas' purchase of the land near campus gained traction among residents and students.

Driving the news: The TikTok video created by Angelica Song, daughter of Poke Bay owner Paul Song, spurred outrage among students and motivated an onslaught of customers, alarmed to hear that the business would close in just a few weeks.

Through tears, Angelica Song urged Austinites to support the restaurant: "Unfortunately, UT Austin bought out the building that my parents are tenants at and essentially are just kicking them out."

State of play: Four businesses at the site — Poke Bay, Kung Fu Tea, Electric 13 Tattoo and Smoke City — must leave by October after UT purchased the property at 2001 Guadalupe St. and notified tenants of their plans to turn the address into a new campus building.

The move is part of UT's expansion plan in the area. The school now owns the former Dobie Center next door, which it intends to use for affordable housing.

UT told Poke Bay and Kung Fu Tea's owners that their leases will expire in October, although Paul Song has said he will close the restaurant by the end of this month. 

Kung Fu Tea owner Matt Gong (left) stands behind the counter with employees Audrika Masud (center) and Sayde Paulson (right). Photo: Nicole Cobler/Axios

What they're saying: Kung Fu Tea owner Matt Gong, a UT alumnus, stood behind the counter Wednesday with two employees, UT students Sayde Paulson and Audrika Masud.

Kung Fu Tea first opened at Guadalupe in 2019, just before the pandemic, and Gong, 38, plans to keep his business open until the October deadline.

"This is my only source of income, so it's like my whole life is depending on it," he added.

Meanwhile, Paul Song has said he will retire after closing Poke Bay this month.

In a video update this week, Angelica Song said her parents were overwhelmed with customers in recent days, which forced them to close briefly midday and even sell out of food for the first time since the business launched.

"Technically, UT Austin doesn't owe my parents anything, but it just sucks that a school that has so much money and resources can't even help my parents out,” Song said.

The other side: University spokesperson Eliska Padilla told Axios that UT officials "will engage [local businesses] in conversations about other university options for relocation."

"As the university continues to find ways to serve our students, provide additional housing options, and advance our educational mission, we acknowledge the challenges created by our growth — especially combined with Austin’s growth," Padilla said.

The bottom line: The episode is just the latest sign of a changing Austin that has pushed out small businesses to make way for new towers and a growing population.

Poke Bay, Kung Fu Tea to close after UT purchase

A viral video about UT's purchase of the land near campus gained traction among residents and students.

A line stretches outside Poke Bay and Kung Fu Tea near the University of Texas campus. Photo: Nicole Cobler/Axios

Texas

Dozens of customers wrapped around the building that houses Poke Bay and Kung Fu Tea over the lunch hour Wednesday as a viral video about the University of Texas&#x27; purchase of the land near campus gained traction among residents and students.Driving the news: The <a class="gtmContentClick" data-vars-link-text="TikTok video" data-vars-click-url="https://www.tiktok.com/@_angelicasong/video/7095905587753618734?_t=8SDzimP8fFO&amp;_r=1" data-vars-content-id="89c1c59e-6fcf-40c7-9eed-e57f71ec77d0" data-vars-headline="Poke Bay, Kung Fu Tea to close after UT purchase" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.tiktok.com/@_angelicasong/video/7095905587753618734?_t=8SDzimP8fFO&amp;_r=1" target="_blank">TikTok video</a> created by Angelica Song, daughter of Poke Bay owner Paul Song, spurred outrage among students and motivated an onslaught of customers, alarmed to hear that the business would close in just a few weeks.

Food and Drink

Real Estate

Austin's housing market continues to break records. 

The big picture: Median home prices in the metro climbed in April, up 19.6% compared to one year ago to a record $550,000, per the latest housing report from the Austin Board of Realtors.

By the numbers: In the Austin metro area, residential home sales declined 6.2% year-over-year to 3,280 closed sales. Within city limits, home sales dipped for the second month in a row, but were just 216 homes shy of breaking last year's record.

Housing inventory increased year over year, the biggest gain since the summer of 2017.

Yes, but: That doesn't mean it's much easier to buy a home in Austin. 

The median home price within the city limits rose 16.3%, setting a record of $640,000.

Flashback: Nearly 25% of all Austin home and condo purchases in the last 12 months or so have been all-cash, a high hurdle for most homebuyers.

What they're saying: The area has "far from a healthy number of homes" for sale, according to Austin Board of Realtors president Cord Shiflet.

"Any increase in housing stock, no matter how small, is a welcome sign for people looking to buy," Shiflet added.

The bottom line: Blame the ceaselessly competitive market on the influx of tech talent and other workers relocating to Austin.

"Our area continues to really be influenced by companies targeting the Austin area for job creation and expansion, and that relocating workforce needs a place to live," Shiflet said. "Austin continues to be a demand-driven market."

Heading into summer, Austin housing market remains hot

The median home price within the Austin city limits rose 16.3% from a year ago, setting a record of $640,000.

Illustration of a for sale sign with an upward trending line instead of the sign. 

Austin&#x27;s housing market continues to break records. The big picture: Median home prices in the metro climbed in April, up 19.6% compared to one year ago to a record $550,000, per the <a class="gtmContentClick" data-vars-link-text="latest housing report" data-vars-click-url="https://www.abor.com/news-center/market-stats" data-vars-content-id="c108afd3-a4f4-433f-855f-b012c0dca7dc" data-vars-headline="Heading into summer, Austin housing market remains hot" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.abor.com/news-center/market-stats" target="_blank">latest housing report</a> from the Austin Board of Realtors.

Local startup Ferry announced today that Austinites can begin leasing Tesla Model 3s and Model Ys — the first time the subscription app has made short-term leases on electric vehicles available to its users. 

State of play: Ferry launched last year, aiming to make electric vehicle leasing affordable and accessible. The startup announced a $4 million seed round led by Porsche heir Toni Piëch's AMYP Ventures, Venn Ventures, and angel investors Adam Forst and Lisa Besserman. 

Now, customers can use the Ferry app to pick a Tesla and get the vehicle delivered by June.

Ferry's Austin users can already lease Vespa Elettrica scooters, starting at $179 a month.

Leases for Teslas range from 6-24 months, with a Model 3 subscription starting at $799 a month and a Model Y starting at $999 per month.

What they're saying: Ferry CEO Kristian Russell said the startup's model will deliver a faster, more direct path for Americans curious about getting behind the wheel of an EV.

"Our goal is to get 50% of U.S. drivers driving an e-car by 2025," Russell told Axios. "The only way to do that is to rethink how people have access to these cars and democratize e-mobility for everyone."

Zoom in: Austin offered a welcoming space for EVs and a young, growing population willing to try out the cars, Russell added, explaining why Austin was the perfect city for Ferry's launch.

Tesla officially moved its headquarters to Austin late last year, and Travis County has led the electric car boom, with more EVs owned in the county than in any other county in Texas, according to a recent report by clean air advocates.

"(Austin) felt to me like it had the right dynamics," Russell said, adding that there are already 2,000 Ferry users on the app, ready for cars to become available. "Austin was a very early decision."

What’s next: Expect Ferry to expand its fleet in the coming months, making more EV brands available in Austin and beyond. 

Deliveries will start this summer in Los Angeles and San Francisco.

Startup Ferry expands EV leasing to Austin

Ferry launched last year, aiming to make electric vehicle leasing affordable and accessible to everyone.

Photo: Nathan Laine/Bloomberg via Getty Images

Local startup Ferry announced today that Austinites can begin leasing Tesla Model 3s and Model Ys — the first time the subscription app has made short-term leases on electric vehicles available to its users. State of play: Ferry launched last year, aiming to make electric vehicle leasing affordable and accessible. The startup announced a $4 million seed round led by Porsche heir Toni Piëch&#x27;s AMYP Ventures, Venn Ventures, and angel investors Adam Forst and Lisa Besserman.

Data: Bounce; Note: Security check data is as of March 10, 2022, and includes all departing passengers. Passport control data takes an average from March 8, 2021, to March 7, 2022, and includes all arriving international passengers; Chart: Simran Parwani/Axios

Turns out, apart from the occasional crush of SXSW, Austin-Bergstrom runs pretty smoothly. 

The big picture: Airport officials found themselves unprepared for recent surges of flyers, but TSA lines spilling onto sidewalks are far from the norm, Jacqueline Yaft, the airport's executive director, told members of the city's Airport Advisory Commission this week.

"Right now, the latest reports are that we're maintaining the (maximum) 30-minute wait time, which is really good," Yaft said.

Additional TSA officers — sent after multiple events in March led to long waits, fuel shortages and more — are expected to stick around through the summer, and Yaft said the extra help has eased wait times.

Why it matters: The airport is a very visible measuring stick of what Austin gets right — and where it still has growing pains — as the once-sleepy city becomes a major American metropolis.

By the numbers: ABIA has among the shortest average TSA wait times — a little more than 23 minutes — compared to the country's other international airports, per data by Bounce.

Yes, but: The airport is still experiencing an increase in passengers, up nearly 148% in March compared to March 2021. 

The more than 1.8 million passengers set a record for the busiest month ever at the airport.

Next month is expected to be even busier as warm weather returns and additional flights are scheduled out of the city.

Air Canada's new nonstop service to Vancouver begins on June 1.

Lufthansa Group has resumed flights from Austin to Frankfurt, Germany.

Virgin Atlantic's nonstop service to London begins May 25.

American Airlines is set to begin nonstop flights to Santa Ana, California; Bozeman, Montana, and Destin-Fort Walton Beach, Florida.

Of note: To meet the demand, crews this summer will begin work on three new gates on the west side of the airport's main terminal.

Austin security wait remains among the quickest in the U.S.

Turns out, apart from the occasional airport-crush of SXSW, Austin-Bergstrom runs pretty smoothly.

Turns out, apart from the occasional <a class="gtmContentClick" data-vars-link-text="crush of SXSW" data-vars-click-url="https://www.axios.com/local/austin/2022/03/29/austin-airport-fuel-shortages-tsa-waits" data-vars-item="in_content_link" href="https://www.axios.com/local/austin/2022/03/29/austin-airport-fuel-shortages-tsa-waits" target="_self">crush of SXSW</a>, Austin-Bergstrom runs pretty smoothly. The big picture: Airport officials found themselves unprepared for recent surges of flyers, but TSA lines spilling onto sidewalks are far from the norm, Jacqueline Yaft, the airport&#x27;s executive director, told members of the city&#x27;s Airport Advisory Commission this week.

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Stories

Heading into summer, Austin housing market remains hot

Startup Ferry expands EV leasing to Austin

Crypto returns to Austin for Consensus conference

Austin security wait remains among the quickest in the U.S.

Poke Bay, Kung Fu Tea to close after UT purchase