A growing share of voters in both red and blue states supported ballot measures in last week’s midterm elections to address housing insecurity, with many proposals approved with nearly 70% of the vote, according to a new analysis from Moody’s Analytics.

In Austin, voters approved a $350 million affordable housing bond in a city where affordable housing currently encompasses just 6% of total rental market share, says Moody’s senior economist Lu Chen. Average affordable housing rent stands at $1,113 per unit and market inventory has grown by 16.4% over the past two and half years. Chen says the bond will further incentivize and support planning, designing, acquiring, constructing, renovating, improving, and equipping affordable housing facilities for low- and moderate-income households in the region.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Lynn Pollack

 

GlobeSt. Multifamily Spring 2023Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.