Austin Mayor Kirk Watson emphasized during a panel at SXSW that the city’s housing supply must grow to match its increasing demand, or it risks losing residents. He pointed out that Austin's challenges reflect a broader national housing crisis, with a report indicating a shortfall of nearly 4 million homes across the U.S. This shortfall contributes to financial strain on residents, as exemplified by residents like caregiver Agar, who struggles with high rent costs amid the booming population.
"The greatest challenges in Austin right now are a result of success," said Watson during a panel discussion at the Realtor.com SXSW showcase. "People want to be here. People want to move here. They want to stay here."
"We are 3.8 million homes short in this country, and that means over roughly the last decade, we've seen more households formed than homes that have been built," Hale stated, highlighting the national housing crisis.
"High home prices, high rental prices, a shortage of homes on the market for sale means that people decide not to strike out on their own," Hale explained, emphasizing how the housing supply impacts individual decisions.
Agar, a caregiver in Austin, found housing unaffordable, struggling to afford the $2,500 rent—an issue faced by many as Austin's population continues to expand.
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