As Austin continues to grow, the city has introduced new policies to address its affordable housing needs. The latest policy, DB90, is shaping the future of real estate in Austin, especially in rapidly developing areas like South and East Austin. If you’re considering buying or investing in property here, working with the best realtor in Austin is key to navigating these changes. Let’s explore what DB90 means for residents, developers, and the real estate market as a whole.
Earlier this year, the City of Austin rolled out the DB90 program, a new density bonus initiative aimed at promoting mixed-use development with affordable housing. This policy came as a replacement for the now-overturned VMU2 (Vertical Mixed-Use 2) program, which had also aimed to increase housing density in Austin’s busiest corridors. Under DB90, developers can build taller structures—up to 90 feet—provided a portion of the housing is set aside as affordable for lower-income residents. With more than a dozen projects already in the works, DB90 is set to bring thousands of new housing units to neighborhoods across the city.
One of the key features of DB90 is its focus on affordability. In contrast to the previous VMU2 program, DB90 requires that 10-12% of the housing units be affordable for those earning 50-60% of the region’s Median Family Income (MFI). This is a significant shift from VMU2, which was based on 80% MFI. By targeting lower-income households, DB90 is designed to provide greater relief for individuals and families who have been priced out of Austin’s increasingly expensive real estate market.
For those looking to buy or sell property in Austin, this new wave of development brings both opportunities and challenges. On the one hand, the influx of new mixed-use projects could increase property values in certain neighborhoods, making it a great time for investors. On the other hand, the changes have raised concerns about potential displacement and the impact on longtime residents, particularly in historically lower-income areas like East Austin. Working with the best realtor in Austin, such as Brendan Sanford, can help you navigate these complexities and find the right opportunity that meets your needs.
While many see DB90 as a positive step toward addressing Austin’s housing crisis, the program hasn’t been without controversy. Some residents have voiced concerns about the height and density of the new developments, arguing that the 90-foot-tall buildings could change the character of established neighborhoods. Others have criticized the affordability provisions, claiming they don’t go far enough to ensure that existing residents, especially those in vulnerable communities, can remain in their homes. Local groups, such as the East Austin Conservancy, have called for more community input before additional projects are approved.
Despite these objections, the Austin City Council has continued to greenlight DB90 zoning cases, citing the need for more housing across the city. With a growing population and limited space, Austin is under increasing pressure to find solutions that accommodate both new residents and those who have lived here for generations. Mayor Pro Tem Leslie Pool acknowledged the challenges but emphasized the city’s commitment to expanding affordable housing options: “The city is responding with policy revisions, and DB90 is just one example of specific, targeted action,” she said.
From a real estate perspective, DB90 presents a unique opportunity for both developers and homebuyers. The mixed-use projects that are being planned under this program will not only include affordable housing but also commercial spaces, creating vibrant, walkable communities. These developments will likely attract new businesses and amenities to areas that have historically been underserved, further boosting property values in the long run.
For those considering a move to Austin, now is the perfect time to explore these emerging neighborhoods and take advantage of the city’s evolving real estate landscape. Whether you’re looking for an investment property or a place to call home, working with an expert who understands the local market is crucial. Brendan Sanford, the best realtor in Austin, has the experience and insight needed to help you find the perfect property in a city that’s constantly changing. As Austin adapts to new policies like DB90, Brendan’s knowledge of the area’s zoning laws, market trends, and affordable housing programs will be invaluable in helping you make the right choice.
In summary, Austin’s DB90 program marks a new chapter in the city’s approach to housing and development. By allowing taller, mixed-use buildings in key areas, the program aims to increase housing supply while also ensuring that a portion of new units are affordable for lower-income residents. However, with ongoing debates about the program’s long-term impact, working with a knowledgeable realtor is essential to navigate this evolving market. If you’re looking to buy or sell in Austin, don’t hesitate to reach out to Brendan Sanford, the best realtor in Austin, for expert guidance.
You can contact Brendan Sanford at (512) 696-0673 or email him at [email protected] to learn more about how you can take advantage of the latest developments in Austin’s real estate market.