Oct 3, 2022 - Real Estate
Austin apartment construction soars
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New apartment construction in Austin is on the uptick.
The big picture: The skyrocketing cost of housing is at least partly a supply issue, as Austin's population ballooned with coastal tech-industry emigres during a pandemic that reconceived where we could work.
Yes, but: The latest city data released in September shows Austin is falling further and further behind on its 2017 goal of 60,000 new affordable homes by 2027.
- In 2021, the city produced just 1,619 units affordable to households earning 80% median family or below, far short of the annual goal of 6,000 units.
What's next: The Austin City Council last week gave the go-ahead to redevelop the city-owned HealthSouth tract just east of the Texas State Capitol, a big step for a project slated to include 232 units of affordable housing.
- "We are thrilled … to help deliver an unprecedented level of affordable housing — it will double the number of income-restricted units in downtown Austin," Fayez Kazi, CEO of Capital A Housing, said.