$200,000 is the New Affordable [for San Antonio]

A recent San Antonio Biz Journal highlights the 2017 year of real estate for San Antonio after the real estate community gathered to assess how 2017 went and 2018 outlooks.

Based on data and research, speakers prominent in the housing community and economy brought up the shortage of housing inventory and under supply and how it is negatively impacting home prices. Experts expressed that San Antonio needs more housing, particularly apartments. Single family homes built have risen steeply but they haven't been able to keep up with growth and the supply of housing necessary for all groups of people. Most housing expansion has occurred in San Antonio's far west side (past 410).

The article also highlights that income growth has not kept up with housing prices, so housing is becoming less affordable.

This is not news to Yes in My Back Yard Advocates or the National Association of Realtors - both groups know there is a housing under supply crisis nationally. The biggest surge of housing has been single-family homes, mostly because zoning regulations in huge swaths of cities outlaw multi-family housing (exclusionary zoning through single family zoning regulations). We cannot build our way out of the crisis with single-family housing. Many people cannot afford or are not ready for home ownership. Many young people or new families do not want to be tied down to a home.

We need to build way more apartments in inner urban areas and more middle housing (duplexes, townhomes, triplexes to six plexes) throughout neighborhoods. This is how we will solve the housing shortage and stabilize home values so they do not rise so quickly and disproportionately, ultimately leading to more displacement and segregation. To incorporate fair housing values and inclusiveness, we also need to do away with single-family zoning, if the market warrants it, it will still be built! We need to not allow NIMBY's to oppose and prevent new new multi-family housing from being built. Homeowners cannot be allowed to dictate everything that happens in a neighborhood or city.