(ZEROHEDGE) – Austin, Texas is one of the nation's fastest-gentrifying cities as the rapid influx of affluent millennials pushes out low-income residents. Parts of Autin that were once lined with mobile home parks and industrial yards have become modern apartment buildings and trendy restaurants, according to NYTimes.
The working poor of Austin, many of which reside in Black and Latino neighborhoods, find themselves in a rapidly changing city impacted by gentrification. Younger generations have been pouring into Austin over the last decade, supercharged in the last few years as large technology companies expand operations in the metro area.
A decade ago, Austin was one of the most affordable places to live in the country and a liberal oasis. Now it's become one of the least affordable areas. On average, 180 new people were moving to the city every day during the pandemic as housing inventory was historically low. This combination ignited home prices, hitting a record of $536,000 in October, up from about $441,250 a year ago. Prices are more than doubled since 2011.
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