In a recently released report, Texas Comptroller Glenn Hegar says the state must build 300,000 new housing units to meet demand and maintain affordability, reports Natalie McCain.
According to Hegar, “Texans continue to suffer from elevated prices and high interest rates that put significant upward pressures on the costs of borrowing and home ownership, and so this report covers an immediate issue.” Local and state officials must assess their zoning policies and the regulatory burdens that drive up the cost of housing, the report adds.
The state, once famously affordable, is facing the same housing crisis as many other regions. “Just because we have the most affordable statistics does not negate the fact that we’ve had a doubling in equivalent home prices since 2008 and before,” said developer Tanner Wachsman, who blames the “regulatory burden” for exacerbating the crisis. According to Hegar’s report, “Texas’ median home prices have grown 40% from 2019 until 2023.”
