Austin City Officials Unveil Plan To Create $600M Fund To Curb Gentrification

AUSTIN, TX — A task force tackling institutional racism and social inequity in Austin is poised for an ambitious task unveiled on Tuesday: Raising $600 million for a fund specifically created to buy and preserve affordable housing for minority members of the population, with preference given to those already displaced due to gentrification.

City officials led by Mayor Steve Adler unveiled a report outlining the plan during a 1 p.m. work session. Joining Adler in releasing the task force report were its co-chairs, Huston-Tillotson University President Colette Pierce Burnette and Austin ISD Superintendent Paul Cruz.

The report contains more than 230 recommendations covering an array of ideas on mitigating the more corrosive aspects of gentrification. With the brisk pace of corporate relocation in Austin, an untold number of residents have been displaced — either no longer able to afford their homes given escalating property rates or essentially evicted from their dwellings as companies snap up land for corporate development.

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The task force dates its history to November, when it was convened in response to high-profile incidents related to excessive police force (most notably the killing of 17-year-old David Joseph found wandering naked in the streets in a confused state, fatally shot by a since-fired police officer after failing to heed commands to stop). The task force covers the full spectrum of issues affecting minorities, all under the umbrella of "Institutional Racism and Systemic Inequities," as the report is titled.

The report yields 237 recommendations — divided into various categories such as education, criminal justice and real estate — as is being billed as something of a road map toward achieving social equity. One of its ideas is implementation of a so-called linkage fee on real estate developers of $2 per square foot that would help feed the $600 million housing development fund.

Among the report's other recommendations are:

• Creating a “We are Austin” marketing campaign showing people of various races promoting the idea of citywide diversity.
• Hiring minorities to fill teaching ranks to promote inclusion, while offering them a housing allowance or providing affordable housing options.
• The hiring of a liaison to forge ties among nonprofit agencies, schools and small businesses.
• Rewarding real estate agents and landlords who embrace the values of "integration, diversity and inclusion."
• Granting homeowners one-time homeowner tax payment assistance.

To read the full report, click here

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