Billion Dollar Bond

What to Know: Austin voters in November will decide the fate of a $925 million bond package, the largest in the city’s history.

“The proposal is highlighted by a $250 million allocation to affordable housing, the highest such allocation in city history. The package also includes $45 million for parkland acquisition, $12 million for land acquisition for creative spaces and $40 million for city pool renovations,” Community Impact Newspaper reports. “Following three hours of public testimony and two hours of deliberation, City Council voted 8-3 in favor of the proposal… If approved by voters, the bond package will carry a 2-cent tax rate increase for the next 30 years.”

The TPPF Take: Raising taxes isn’t the way to make housing more affordable.

“Increasing its supply of ‘affordable housing’ at the expense of every Austin property owner will make the affordability crisis worse, not better,” says TPPF’s James Quintero. “If Austin truly wanted to fix the problem, it would lower taxes and work to ensure it was spending the money it has more efficiently.”

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