Over 200 housing units to be built to address Austin's homeless crisis

Plus: Texas has some of the highest active listings

 🌅 Good Morning! Time to make Tuesday count!

Today's newsletter is 561 words — a 2.5-minute read.

1. Princeton City Council temporarily bans residential development amid explosive growth

Yesterday, the Princeton City Council voted 6-0 to temporarily halt the acceptance, authorization, and approvals of permits needed for residential property development within the city and its extraterritorial jurisdiction.

The moratorium does not affect projects that are under development or have been approved by the city council.

Under the ordinance, developers are allowed to request a waiver from the moratorium, and requests will be determined by the city council on a case-by-case basis. LINK

2. Charted: Texas has some of the highest active listings vs other states, relative to 2019

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3. Catch up quick

🛑 Reffkin, Compass CEO says NAR's Clear Cooperation breaks ethics code, and state laws. (RoundTableRealty)

💸 Houston and San Antonio are two of 22 metro areas where mortgage payments are cheaper than rent. (Zillow)

🍻 $400K Carrollton home listed on Zillow goes viral because of liquor shelf photos. (ZillowGoneWild)

🛣️ TxTag to shift toll services to Harris County by the end of the year. (TPR)

🏢 Elon Musk officially moves X headquarters to Bastrop, Texas. (KVUE)

🎶 Fun read: Country music icon and San Antonio native George Strait will perform at a military gala being held in the Alamo City on Oct. 3. (FoxSanAntonio)

4. Over 200 housing units to be built to address Austin's homeless crisis

On Tuesday last week, the Travis County Commissioners Court voted to approve $27 million in contracts with local nonprofits. This money will add over 200 affordable supportive housing units to help people experiencing homelessness in Austin-Travis County.

  • The first contract is for $15 million with Foundation Communities to help fund a new development called Burleson Studios in Community First! Village. It will have 104 units for single adults experiencing homelessness.

  • The second contract is for nearly $13 million with LifeWorks for The Works III at Tillery. It will have 120 permanent supportive housing units for people experiencing homelessness and those aging out of the foster care system.

5. Dallas’ tallest tower, Bank of America Plaza, will get a $350M revamp by new owner

Dallas’ tallest tower, Bank of America Plaza, and the four blocks surrounding it are under contract to be sold to Mike Ablon of PegasusAblon and Mike Hoque of Hoque Global, according to a report from D Magazine.

The Dallas-based developers and investors said they will undertake a $350M redevelopment of the property that will include the addition of a 300-room luxury hotel and streetscape improvements to the associated city blocks.

The property at 901 Main St, Dallas, is currently valued at approximately $143 million, according to the Dallas Central Appraisal District.

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