There are two sides to the gentrification issue. Many homeowners love it because they buy a property and the value goes up as new services come in, neighboring properties are better maintained and the neighborhood becomes safer. The flip side is that residents who may have roots in the neighborhood for generations can be displaced because of escalating rents or taxes.
Everyone in Austin knows that the metro area is in a housing and affordability crisis because of the changes the city has gone through in the last 20 years. There is now a new University of Texas study that researchers claim will help solve the affordability issues, particularly in the eastern crescent near U.S. 183, east Austin along Interstate 35 and just south of downtown.
Suggestions were made based on what has happened locally as well as other gentrifying cities like Washington, DC and Portland, Oregon. These include:
- Buy land in areas in danger of being gentrified before prices go up.
- Build low and middle income housing
- Create and foster emergency assistance programs
- Have greater tenant protection
- Create a housing database that tracks the value of housing so neighborhoods don’t lose affordable units
The future is here
The changing landscape of the city and surrounding area presents many different real estate law issues, including landlord-tenant matters, construction disputes, zoning ordinances and title matters. There may also be ways to anticipate these laws and negotiate a solution that is equitable for both sides of the real estate dispute. Each situation is different, so it is usually best to seek guidance from a lawyer who regularly handles real estate matters.