On Bauer Business Focus – A conversation on the rising cost of real estate and the lack of affordable housing in Houston with Houston Public Media News 88.7 Business Reporter Andrew Schneider.
Past-chairman of the Texas Association of Realtors, Shad Bogany stopped by Bauer Business Focus to discuss the deficiency in affordable housing that we have here in Houston currently because of the increase in people moving to the city.
“Houston has become one of the number one job markets in the country and with the oil boom you have all these people moving here,” Bogany said. “And subsequently we don’t have enough houses to sell here in the city of Houston.”
“You cannot find anything that’s reasonable to be able to be leased or purchased simply because of lack of inventory. There are apartments out here that are affordable,” Bogany said. “The majority of the affordable apartments that you’re seeing being built right now are probably tax credit apartments.”
This increase need for housing has recently caused companies to build more apartments. The high-end apartments are what make the big dollars so that’s what those companies decide to build, explained Bogany. In order to get affordable housing built, companies need to have incentive in the form of a tax credit.
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