"Advocates say a multi-year set of zoning, permitting and code reforms in Austin helped drive a surge in homebuilding and that the resulting increase in supply coincided with a meaningful decline in rents."
"Strickland pointed to a new study from The Pew Charitable Trusts detailing how Austin's reforms helped enable a construction boom, driving down rents, especially for apartments that serve lower-income households."
"The law of supply and demand never fails, Chris Nebenzahl, vice president for rental economics at John Burns Research and Consulting, wrote in a LinkedIn post about Austin's experience."
Housing advocates in Michigan are looking to Austin, Texas, as a model for improving housing affordability through zoning and permitting reforms. They believe that implementing similar measures in Michigan could alleviate the housing shortage and lower rents. Gov. Gretchen Whitmer's Housing Readiness plan aims to cut regulatory barriers and promote homebuilding. A study from The Pew Charitable Trusts supports the argument that Austin's reforms resulted in a construction boom and reduced costs for lower-income households. The proposal is still in negotiation, facing potential opposition from local governments.
Read at www.housingwire.com
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