Can communities be better landlords?

Austin, Texas is beginning to look a lot like California. The city has become the preferred destination for thousands of West Coast emigrants who are making booming Sun Belt cities their new home. That’s created one of the most expensive housing markets in the US. The typical price for a single-family home in Austin has gone from $261,000 to $796,000 in the last decade.

The rising prices have scattered long-time residents, especially in predominately Black and Latino neighborhoods, outside Austin’s city center in search of affordable housing as rents and property taxes have risen. But displaced Austinites may now have a chance to return.

Families that can prove a historic tie to the city will have priority access to apply to buy affordable homes through an ownership program with the Austin Community Land Trust. The program, launched in April, will offer 28 houses owned by the trust, sold at roughly 66% below market prices.

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