A real estate agent in Austin is not the only one in Austin who has a problem with the city’s affordable housing crisis.
The real estate firm behind the project says the city has only one affordable housing unit per 1,000 residents.
The city’s housing crisis has reached a tipping point.
The Austin American-Statesman reported last week that there are now 1,936 housing units for rent in Austin, which the Austin Chamber of Commerce calls the “most expensive” in the country.
The city’s population is currently 5.4 million, which is up from 3.8 million in 1990.
There are no affordable housing units in the city, according to the Austin American Statesman.
A few hundred units are available for rent on the market for a fraction of what the city needs, said Jason Johnson, a real estate analyst at the firm Guggenheim Partners.
The average rent for a one-bedroom apartment in Austin was $2,800, according the City of Austin.
The Austin Chamber estimates the city could need more than 1,800 affordable housing apartments, but the council doesn’t have the money to pay for them.
A spokesperson for Mayor Steve Adler, who has pushed for the city to create affordable housing, did not respond to a request for comment on the Austin housing shortage.
According to the Associated Press, Johnson said a recent study from the Center for American Progress found that Austin has the most expensive housing market in the nation, with median rents rising from $3,500 to $5,200 in the past year.
A report from the Austin Community Housing Association estimates that nearly 50% of Austin’s housing stock is either on the brink of foreclosure or is under construction.
The state of Texas has an additional 1,200 rental units that are available to rent.
Johnson told the AP that he doesn’t believe the city is prepared to spend $1.6 billion on affordable housing in the next five years.
He said the city will have to spend up to $1,200 per household per year to build 1,500 new affordable units, which would cost about $10,000 per family per year.
He also said that Austin needs to hire 20,000 new housing agents and install 20,600 new meters.
In addition, Johnson told the Austin Statesman, a shortage of affordable housing will force people to leave the city.
He says he expects the city “to fall into recession within a few years.”
Johnson also said it is unrealistic to expect that the city can meet its goal of creating 100,000 affordable housing spaces per year in the near future.
He told the newspaper that “the city has to figure out a way to manage the growth.”
The Austin American statesman reported that Johnson said he has already begun the process of creating a new advisory board to help him plan the city and the city government to address the housing shortage and to find a way forward.