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Austin’s want for low-cost housing rises with Tesla

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“After I purchased that land 12, 13 years in the past, I keep in mind everybody saying, ‘Gosh, that is not a very good a part of city,’ ” mentioned Scott Roberts, CEO of Scottsdale, Ariz.-based Roberts Communities, which has developed Oak Ranch, two different cellular dwelling parks within the area and a cluster of tiny properties round an natural farm. “Now, one of many highest-appreciated sub-markets of Austin is Del Valle, and that entire factor is 100% attributed to Elon Musk.”

Tesla’s $1 billion manufacturing facility would be the crown jewel of the automaker’s U.S. manufacturing operations, producing the Mannequin Y sedan, the forthcoming Cybertruck and batteries. Whereas some high-end govt jobs will little question observe the relocation of Tesla’s headquarters to Austin, the corporate has promised greater than 5,000 and as much as 10,000 “middle-skill” jobs on the manufacturing facility.

However, with common annual salaries deliberate at simply lower than $50,000 for assembly-line staff, it is unclear how all these folks will be capable of afford a house in Austin.

“How is a $47,000-a-year person who has youngsters, and the entire prices related to that, going to purchase a $500,000 home?” Roberts requested. “They can not.”

Housing costs have soared in Austin for among the identical causes they’ve throughout the U.S.: low rates of interest, an absence of building and patrons flush with money. And like elsewhere, the creation of inexpensive dwellings simply hasn’t stored up with demand over many years.

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