Real Estate Babel

There has been a massive high-rise building boom in the city (Austin), in the past few years. This is largely due to a push by Mayor Will Wynn and the City Council to make downtown as much of a residential area as it is a governmental and entertianment (often one can be the other in Texas) district. Austin, being the famiously livable city that it is, has seen this idea suddently burst into over a dozen high rise projects being built concurrently. More than a couple of the projects are over 40 stories in height. To put this into context. The current tallest building in Austin is the Frost Bank Tower which measures 33 stories (and was only completed three years ago). I originally hoped that such overbuilding would occur, which would drive down prices of downtown housing, which are currently astronomical by Texas standards, with many high rise units selling briskly at as much as $500,000 in a city where the median house value is roughly $175,000 (and also rising sharply). However, it's looking more and more like this will not be the case and living downtown (where many people work simple service jobs in addition to the typical white collar stuff) will be the domain of the affluent.

I guess we'll always have William Cannon Drive, until some real estate genius decides to make it trendy, give it a nice catchy trendy name like "WilCan"...