This story was updated at 4 p.m.
At least 15 protesters organized by Rent Strike ATX were arrested today during a demonstration in honor of May Day.
The roadway is now open. We can confirm that 15 people were arrested for Obstructing a Highway, a Class B Misdemean… https://t.co/63jJ3elUaB— Austin Police Department (@Austin Police Department) 1588364546.0
APD tweeted at 3:22 that protesters were arrested for obstructing a highway as they had gathered along the I-35 frontage road in downtown Austin. Rent Strike ATX disputes the department's description of events.
This is incorrect. After the slow roll demonstration down I-35, APD forced drivers into a private parking lot, arre… https://t.co/5Ha2tpqlK2— Rent Strike ATX 🏳️ (@Rent Strike ATX 🏳️) 1588365926.0
The group's demands are free healthcare, no work, no debt, prisoner release and homes for all.
Rent Strike ATX wasn't the only organization that made plans for May Day.
Controversial local organization Defend Our Hoodz has also called for a rent strike to begin today. So far, residents of a half dozen apartment complexes have joined in, per the group's Facebook page, calling for an immediate stoppage of rent and utility bills, plus full wage restitution "regardless of circumstance or immigration status," per its website. It is unclear if the efforts are related.
Local police were prepared for such demonstrations.
"The Austin Police Department is aware of planned 'May Day' events, and will be appropriately staffed to ensure that attendees and the public remain safe while all parties have the ability to exercise their First Amendment Rights to assembly and free speech," the department stated in an emailed statement this morning.
Earlier this week, Austin City Hall was vandalized, with red paint smeared across the front doors and anti-capitalism messages spray painted on the steps outside, including one that read: "May 1 International Workers Day" with a hammer and sickle.
Yesterday, Texas Gov. Greg Abbott announced that the Texas Workforce Commission has issued new guidance regarding unemployment claims. Now, certain people may refuse to return to work and still receive unemployment benefits, including people 65 years and older.
"This flexibility in the unemployment benefit process will help ensure that Texans with certain health and safety concerns will not be penalized for choosing not to return to work," Abbott said in a statement.
But workers advocacy groups are pushing for more protections as businesses reopen. In an April 29 letter to the TWC, the Center for Public Policy Priorities, Texas AFL-CIO, Texas Appleseed and other organizations called for this flexibility to apply to people with underlying medical conditions or otherwise immunocompromised and for clearer guidance on what qualifies as a suitable work environment.
"We really need to have more clarity in these uncertain times about who's actually going to be allowed to stay home if they don't feel safe going back to work," said Jonathan Lewis, senior economic opportunity policy analyst at the Center for Public Policy Priorities. "Especially because people can't contact TWC even for normal things that they need to do [because of high call volume]."
Lewis added that certain workers are more vulnerable—including people of color, immigrants and women—because they may not have the option to work from home or otherwise mitigate their risk of exposure. "There's not really a space for a strong collective worker voice," he said.
So you want to buy a house?
To anyone trying to get on the "housing ladder," it's been a discouraging couple of years as prices skyrocketed in a market crowded with buyers bidding against each other for just about any available home.
Things may be calming down, with the Austin Board of REALTORS reporting fewer sales and more available homes this summer.
Mortgage rates have more than doubled in the last year, from around 3% to well over 6% on a 30-year fixed rate loan, getting even more of a bump this week after the Federal Reserve raised bank rates on Wednesday.
So how affordable are homes right now? That, of course, depends on what you want and how much you're able or willing to pay, but here are some rough estimates of what a typical buyer would pay to buy a $650,000 home, which would be considered "mid-price" in today's market.
Mortgage banker Chris Holland (NMLS 211033) of Austin's Sente Mortgage ran some numbers for Austonia to illustrate a typical purchase.
Holland says that while the 30-year fixed rate mortgage is often mentioned in the media, the most popular loan that he's seeing now is a 7/1 adjustable rate mortgage, which has a fixed rate for 7 years and then adjusts every year based on market rates, with a limit on how much it can increase each year. The interest is amortized over a 30-year period. Adjustable Rate Mortgages (ARMs) offer lower rates than fixed rate loans.
Here are the numbers, which are examples. In practice, exact numbers vary with a buyer's credit rating and overall financial situation, and with the rate, which can move up or down at any time.
- $650,000 home purchase price
- 7/1 ARM at 5.875%
- 5% down payment, equals $32,500
- 95% financed, equals $617,500
- $4,990 payment, including principle and interest (P&I), insurance, and property tax
- Typically, a borrower's debt to income ratio needs to be at or below 45%. So for this mortgage, a borrower, or borrowers, would need income of roughly $11,100/month, or $133,200/year. That number could be higher, depending on the buyer's outstanding credit balances on things like credit cards and car loans.
Holland says he's had a lot of clients approved for loans who were house hunting but have put that on hold, hoping prices come down.
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