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A Tale of Two Cities, Tackling the Affordable Housing Crisis

This month, over 120 leaders from the Charlotte area traveled to Austin, Texas, to explore the city’s economy and learn from one another and their business, civic, and political peers. The annual trip, hosted by the Charlotte Regional Business Alliance, provides local leaders with an immersive experience focused on topics such as advocacy and innovation, mobility and infrastructure, and affordability and housing.

DreamKey Partners president Julie Porter was among the attendees and had the honor of moderating a breakout panel discussion titled "Building Better Futures: Affordability." The session featured three speakers: Eric Goff, owner of Eric Winters Goff LLC, an infrastructure consulting firm; Nefertitti Jackmon, community displacement prevention officer with the City of Austin; and Terry Mitchell, president of Momark Development, a for-profit residential and mixed-use developer.

During the hour-long discussion, Julie asked questions about Austin's rapid growth over the years and how it has impacted the city’s affordability, including its effects on attracting and retaining businesses and talent. Similar to Charlotte’s recent significant growth, Austin is expanding so quickly that the city has had to revise its zoning strategies and increase efforts to develop affordable housing through a local housing bond.

Terry Mitchell explained that the only way to increase affordability and housing supply is to build upward and opt for smaller units. Vertical development uses less land, which is limited in both Austin and Charlotte, and can be supported by appropriate zoning policies. He also pointed out that smaller units are becoming more appealing to individuals and families who cannot afford Austin’s rapidly rising housing prices. He noted that many homebuyers are interested in 1,000-square-foot homes, which helps increase density and improve affordability.

Transportation in Austin remains a challenge, and Charlotte faces similar issues. Expanding light rail lines remains a primary focus, directly linked to enhancing accessibility and maintaining affordable transportation. As part of Austin’s transportation bond to grow light rail options, the city allocated $300 million to displacement-prevention efforts, including land purchases for affordable housing.

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