After record-breaking housing sales in 2020, Elon Musk tweeted about the need for more housing in Texas. Housing prices have already risen by 24% over one year ago. Local real estate agents say that most homes are closing at 20% over their asking price.
Elon Musk particularly wants to see developers build in the Greater Austin area near where he plans on creating a community called Starbase, near SpaceX’s launching facility. Musk anticipates that this community will draw thousands to the greater area within the next couple of years, and he is begging people to move there and bring their friends. He has donated over $20 million to Cameron County schools to upgrade and over $10 million to Brownsville to revitalize their downtown area.
Elon Begging Employees to Come
Elon already has several facilities across the state, including SpaceX, Tesla, The Boring Company, and Neuralink, that have job openings that they find difficult to fill. Local realtors say that residents who have lived in the area for many years find that they are priced out of the market by people moving in from both coasts.
Musk’s New Manufacturing Facility
Elon Musk announced early in March that he had chosen Austin as the home for his Starlink, a global high-speed internet service made up of a constellation of satellites, factory. The company is already hiring for an Automation & Controls Engineer, who will spend 25% of their time training in California until the Austin facility’s completion.
Redfin real estate agent April Miller says that the out-of-state buyer looking to move to Austin usually has about 30% more buying power than a long-term resident. The difference that Musk’s money makes in the state can be enormous in many ways, but he must first find housing for the employees he needs to hire.