Automotive News Updates

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

  • Share


“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.


Supply hyperlink

  • Share

Leave a Reply

Your email address will not be published.