The San Antonio City Council is looking for a solution for the city’s lack of affordable housing. Like many rapidly growing urban centers in the United States, San Antonio faces a significant challenge with encouraging the development of affordable housing.
As the city experiences a population boom, driven by its robust economy and cultural appeal, the demand for housing has surged, leading to a pronounced gap between supply and demand. This is compounded by the emerging dominance of private equity investment firms purchasing multi-unit apartment complexes and driving up rents to satisfy shareholder demands for robust profits.
This is creating a negative impact on the affordability of housing in the city, exacerbating socioeconomic disparities and placing an ever-tightening squeeze on low- and middle-income families.
The primary factor contributing to the lack of affordable housing in San Antonio is the rapid increase in property values and rental costs. Over the past decade, the median home price in San Antonio has risen substantially, outpacing wage growth and making homeownership increasingly unattainable for many residents. Similarly, rental prices have climbed, with a significant portion of the population spending more than 30% of their income on housing, a threshold commonly used to define housing cost burden.
The lack of affordable housing has far-reaching consequences for the community. It forces families to make difficult choices between housing and other essential needs such as healthcare, education, and transportation. This financial strain can lead to increased rates of homelessness and housing instability, disproportionately affecting vulnerable populations such as seniors, people with disabilities, and low-income workers. Moreover, it hampers economic mobility and perpetuates cycles of poverty.
Last month, District 5 City Councilmember Teri Castillo formally submitted two policy consideration requests; the Community Land Trust Tiered Affordability Policy, which would distribute unused city-owned land to community land trusts, and Stay SA: Affordable Housing Bonus Programs to Support Equitable Construction, which would incentivize construction of affordable housing.
Guest:
Teri Castillo is the District 5 City Council representative.
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This interview will be recorded on Tuesday, July 23, 2024.
