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House Bill 2692 |
House Author: Rodriguez et al. |
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Effective: Vetoed |
Senate Sponsor: Watson |
House Bill 2692 amends the Local Government Code to exempt a multifamily residential development of eight or more residential units intended for private sale and located less than one mile from a commuter rail station located in a municipality with a population of more than 650,000 that has a governing body consisting only of members who are elected at large and in which a commuter rail system was approved by an election held after November 1, 2004, from the prohibition against a municipality adopting a requirement that establishes a maximum sales price for a privately produced housing unit or residential building lot.
Reason Given for Veto: 'House Bill No. 2692 would allow the City of Austin to set a price plan on multifamily developments located less than one mile from a commuter rail station.
'However, current law states, with very few exceptions, that a municipality may not adopt a requirement that establishes a maximum sales price for a privately owned housing unit or residential building lot. House Bill No. 2692 would also interfere with the Austin real estate market by artificially capping housing prices. The market should be allowed to thrive without unnecessary government interference.'