E. Riverside Drive changes force some out
Dozens of luxury apartments being built
Newsroom
6/23/2013

It's an area of town that's seeing growth like no other;  East Riverside Drive. Located just two miles from downtown there about 5,000 new apartment units going up. But the great location and scenic views come with steep price tags that not everyone can afford; forcing many families to move out. Older apartments are trying to compete with what's being built right across the street; new luxury apartments with hefty price tags. What was once affordable housing is now getting upgraded forcing rent to go up as well. The going rate for a new pad on Riverside is about $2 per square foot which equals out to about $1,200 for a one bedroom apartment.

There are requirements on the new developers to provide housing to low-income people as they build these new complexes. Right now the city of Austin's High Performing Housing Authority is assisting more than 18-thousand people in the city. Still, low-income housing advocates say more needs to be done for those who fall through the cracks. like the people who work and make too much money for subsidized housing but not enough to afford the rising rents.

http://www.kxan.com/dpp/news/local/austin/e-riverside-drive-changes-force-some-out


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