Affordable Housing
We all know people who are leaving or left Austin because they can’t afford it. My husband and I could not afford the upkeep of our 50-year-old home in the University Hills neighborhood. We had to sell it and move into an apartment. Our own children are looking for homes in other cities in other states. There is not a lack of housing, there is a lack of affordable housing.
I propose serious action by:
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Limiting investors’ profits to 2%. This will apply to any homes that do not qualify for the homestead exemption. The City of Austin’s affordable home program limits qualifying median income families to 2% profit. If the city can limit low-income families’ profits, we can certainly do the same for non-residents who are only buying homes for investment.
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Limiting the number and amount of residential real property an individual or business may purchase. Investors who are buying up properties only to flip them for profit or turn them into Short Term Rentals are driving up prices and decreasing availability.
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Initiating a rent-to-own program for Austin renters. A percentage of rent paid would go toward principle that would actualize at 5 or more years. With the price of houses so out of reach, make apartment ownership a viable option to build equity.
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Affordable housing for ALL income levels. The city of Austin has funded affordable housing to families who make 80% of the median family income; $79,450 for a family of 3. Even those making the median income cannot afford a decent house in Austin. We need to redefine “affordability.”