Austin leads in multi-unit permitting in the nation

😊 Thanks for joining us this Tuesday! We’ll be looking at Texas property tax, list prices growing twice as fast as sale prices, and the new Texas city, Starbase.

Today's newsletter is 672 words — a 2.5-minute read.

1. Texas lawmakers strike deal on $3B in property tax relief

State lawmakers have reached a deal on how to allocate more than $3 billion in new property tax relief, with the bulk of the cuts set to benefit homeowners.

The agreement, revealed in Senate and House committee hearings Monday, would increase the homestead exemption to $140,000 for most homeowners and to $200,000 for seniors and those with disabilities. The proposal would also increase the exemption for property owned by businesses from $2,500 to $125,000, effectively reducing the taxes they pay on inventory and office expenses.

State Rep. Morgan Meyer thanked Republican leadership for “working together to provide meaningful property tax relief.”

2. Austin leads in multi-unit permitting in the nation

Developers obtained permits to build 12.4 multifamily housing units for every 10,000 people in the U.S. over the past year, according to a new report from Redfin. That’s down 27.1% from 17 units per 10,000 people during the pandemic building boom, and down 5.5% from 13.1 units in the years leading up to the pandemic.

• Austin granted permits to build 64.5 multifamily units for every 10,000 people over the past year. That’s the highest level among the 78 U.S. metros Redfin analyzed with populations of at least 750,000.

Nearly two-thirds (63%) of the metros analyzed posted a decline in multifamily construction since the pandemic era.

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3. Catch up quick

🏠 The Neal & Neal Team has left Keller Williams to join eXp Realty. (HousingWire)

💰 Compass introduces ‘Family Office’ division for ultra-wealthy clients. (Inman)

🤲 OpenAI will remain a non-profit, Altman says. (OpenAI)

🎓 Gov. Abbott signs $1 billion Texas school voucher bill into law. (ABCNews)

🚚 Houston ranked as the No. 1 moving destination in the country last year. (Penske)

👋 Warren Buffett steps down as Berkshire Hathaway CEO. (Mint)

🕊️ Other read: World’s Oldest Person Dies at 116. (CNN)

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4. Homesellers want nearly $39K more than buyers will pay

In March, the typical newly listed home was priced at $469,729, but the home sold for significantly less, $431,057. The $38,672 difference, a 9% gap, is the largest margin between list and sales prices since May 2020, according to a new report from Redfin.

• The median list price rose 6.2% year-over-year in March, the biggest increase since September 2022. By comparison, the median sale price climbed 2.5%, the smallest increase since September 2023.

List prices are growing more than twice as fast as sale prices

5. Elon Musk's Starbase will officially become a city

Elon Musk’s SpaceX launch site in South Texas is now officially the City of Starbase following a Saturday vote by local residents, most of them SpaceX employees.

The incorporation passed 212 to 6, and SpaceX employee Bobby Peden was elected mayor. Starbase, near the U.S.-Mexico border, is the hub for SpaceX’s Starship program, supporting NASA and Defense Department missions.

With city status, SpaceX aims to streamline operations and gain more control over closures of nearby Boca Chica Beach and State Park.

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