Elon Musk, the CEO of SpaceX and Tesla, recently issued an urgent plea for the construction of more housing in the Austin Metropolitan Area. Tesla recently opened a new Gigafactory 11 miles east of downtown Austin, and Musk anticipates hiring 10,000+ employees by 2022.
Over 10,000 people are needed for Giga Texas just through 2022!
– 5 mins from airport
-15 mins from downtown
– Right on Colorado river https://t.co/w454iXedxB
— Elon Musk (@elonmusk) March 31, 2021
Austin is undergoing rapid growth driven by an influx of jobs, companies, and people from around the country. The city is quickly becoming one of the hottest housing markets in the U.S., but unfortunately, the housing inventory can’t keep up with the demand. In 2021, there is only a 0.9-month supply in the Austin real estate market at any given time, and listings last on the market for 29 days on average.
It is also becoming increasingly difficult for individuals to invest in Austin. Listings often sell for thousands of dollars above the asking price. It can be challenging to be a competitive buyer without preparing all-cash offers and participating in time-consuming bidding wars.
As Austin’s population trends upward, the housing shortage continues to be a point of concern. As people and companies continue to flock to the city, the housing shortage will only worsen.
Elon Musk took to Twitter to issue an urgent plea for the construction of more housing in Austin:
Urgent need to build more housing in greater Austin area!
— Elon Musk (@elonmusk) April 4, 2021
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