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The Michael and Susan Dell Foundation contributed over $35 million to help add to the Community First! Village. (Community First! Village/Facebook)
It's the most (philanthropic) time of the year, and the Michael & Susan Dell Foundation added to Central Texas' $100 million Giving Tuesday donations by promising a $38 million commitment towards combatting homelessness in Austin.
The Round Rock-based foundation, headed by tech giant Dell CEO Michael Dell, will donate the lump sum to three local nonprofits: Multiplying Goodness, Foundation Communities and LifeWorks.
Almost all of the funds—$36.6 million—are headed to Multiplying Goodness, which is a capital campaign to grow the Community First! Village in Austin, a neighborhood that offers permanent housing for the homeless. The 51-acre housing development has already rented out tiny homes to 220 formerly homeless residents and has plans to add 1,400 more units with the Multiplying Goodness program headed by Mobile Loaves and Fishes.
Dubbed a "hand up, not hand out" program by Mobile Loaves CEO and Founder Alan Graham, the neighborhood also helps residents with services and resources as they leave homelessness behind.
The Dell foundation is asking the public to match their donation as the "most talked about neighborhood in Austin" looks to reach its $150 million goal. Expansion of the Community First! Village is expected to break ground in 2022.
“As Austin grows, it’s more important than ever that we care for those most vulnerable in our communities,” Dell Foundation's co-founder Susan Dell said in a press release. “By coming together as a community, we can provide those experiencing homelessness in Central Texas with the dignity they deserve through stable housing and the opportunity to experience community again. We are honored to partner with Mobile Loaves & Fishes, Foundation Communities and LifeWorks—along with the broader Central Texas community through our community match—to accelerate the difference these organizations are already making on the ground each day.”
Community First! Village, a 51-acre housing development, currently houses over 200 formerly homeless people. (Community First! Village/Facebook)
The Michael & Susan Dell Foundation also announced a $1 million donation to Foundation Communities as they construct 100 units on the Burleson property at Community First! Village. LifeWorks Austin, a nonprofit aiming to end youth homelessness, will also receive $400,000 as it looks to provide permanent housing for local youth experiencing homelessness.
All three donations will funnel to the greater cause of ending homelessness in Austin, a hot topic in local politics in recent years. Around 3,000 Austinites are currently experiencing homelessness, with nearly 50% described as "chronically homeless." That's 25% above the national average.
Giving Tuesday has seen more than just the Dells digging into their pockets: known as a "global generosity movement unleashing the power of people and organizations to transform their communities and the world," the Tuesday after Thanksgiving has ushered in donations from corporations and private individuals around the world, including $100 million coming to Central Texas nonprofit I Live Here I Give Here.
The nonprofit has become the front for Central Texas' Giving Tuesday campaign. In 2020, Austin businesses, individuals and nonprofits contributed over 20 million acts of generosity during the holiday.
This year, Home Depot surprised small Austin nonprofit Green Doors with a $30,000 donation as they work to combat homelessness.
AppSumo, a leading digital marketplace for entrepreneurs, announced that it will match donations to Future Front Texas, PeopleFund and Swan Impact Network—all Central Texas nonprofits looking to benefit the area's small business owners—from Giving Tuesday through Friday at 5 p.m.
Local philanthropy group Impact Austin awarded $226,200 in grants to four Austin nonprofit organizations on Tuesday as part of their fall giving cycle, while Austin influencer Laura Lux agreed to match any donation under $1,000 given to Austin Pets Alive! on Giving Tuesday.
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A Web3 meetup was held this week at Cosmic Coffee + Beer Garden. (Andrea Guzman/Austonia)
It’s hard to know what Web3 is without first understanding the original versions. The first web is the 90s Internet where people had their own random websites that didn’t link together, making it decentralized. In Web2, we saw the rise of Google, Facebook and other major players who configured standard ways for people to share and receive information.
Ethereum co-founder Gavin Wood and other blockchain developers say a decentralized version of the Internet, Web3, is on the way. Web3 can be thought of as synonymous with cryptocurrency, meaning it is based on the blockchain. Platforms and apps built on Web3 won’t be owned by a central gatekeeper, but rather by users. Those in the Austin crypto community believe to see a growing presence of Web3 in Austin.
Pujaa Rajan, an engineer at financial software company Stripe and adviser for startups, describes herself as a “digital nomad.” She has traveled all over from Hawaii to New York and San Francisco, looking for the crypto community in each place.
Having been in Austin for the past month, Rajan organized a Web3 meetup this week at Cosmic Coffee + Beer Garden in South Austin open to folks working in crypto or the crypto-curious. About 30 people showed up. "Compared to a lot of other cities that I went to, it is a lot more open and community-oriented here, which is what Web3 is all about,” she said.
Pujaa Rajan, an engineer at financial software company Stripe, organized a Web3 meetup in Austin during a visit. (Andrea Guzman/Austonia)
ATX DAO member Roberto Talamas, who stopped by the event, talked about the crypto group’s expansion. Web3, in Talamas’ view, expands on the previous versions which allowed people to read, then read and write. Now, he says, people can read, write and own. To Talamas, blockchain technology has powered that ownership aspect, and it can be utilized through groups like a DAO, a group that pools together capital and goes on to make investments or take on blockchain-based projects.
“The ecosystem of work with (Web3) companies here in Austin is still relatively small,” Talamas said. “And that’s one of those things that we’re trying to deal with at ATX DAO is to do all the advocacy work needed to make Austin the best Web3 city.”
Part of that community, however, has gotten a bad rep for being “crypto bros.” Rajan acknowledged that Web3 involves both finance and technology, which are fields women have historically been excluded from. But, she says the decentralization aspect creates a clean slate and a new means to form groups. “I feel like we can kind of take back the power or create a world for ourselves,” Rajan said.
The meetup at Cosmic brought together crypto users to talk about the prospects of Web3. (Andrea Guzmán/Austonia)
Meetup attendee Jonathan Hillis also talked about the idea that Web3 creates an opportunity to start over and how this could be something that grows in Austin. Born and raised in the capital city, Hills has left his Bay Area Web2 Instacart job behind to live in a cabin outside Dripping Springs last year. He and his wife, along with a group of internet friends formed a DAO called Cabin, and he's now writing on the Web3 version of Medium, known as Mirror.
When it comes to the state of Web3, four cities stand out. “The dam broke in Covid,” Hillis said. “Everybody no longer had to live in the Bay Area for tech.”
San Francisco is still rooted in Web2 traits with Big Tech and software as a service venture. New York is financial technology. Miami is another major player. But with Austin, Hillis sees a lot of potential.
“Austin is great at being a place for independent online creators of many types—musicians, but also artists,” Hillis said. “What excites me about Web3 is the opportunities for putting creators at more of the center of the value capture.”
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(Philip Taylor/Flickr)
For Carson Stanch, who moved to Austin from Brooklyn, New York, to be near family, Austin's lower cost of living was just an added bonus. According to the latest data from the U.S. Bureau of Economic Analysis, a $100 bill is worth $98.20 in Austin when compared to the national average in 2020, while it's worth just $84.53 in New York.
Houston native Carson Stanch moved from Brooklyn, New York to Austin just before the pandemic. (Carson Stanch)
Stanch soon realized she was a trendsetter—or perhaps a fortune teller—as the pandemic hit a few months after her move. No longer willing to spend extra money on their more expensive apartments, Stanch said many of her friends and other New Yorkers left the city amid COVID lockdowns.
"It's so expensive to live there (and) all of the reasons why you live in New York, you couldn't really do anymore," Stanch said.
Garrett Watson, a senior policy analyst with the Tax Foundation who wrote a 2018 report on the value of $100 in U.S. metros, told Austonia the report factors in the costs of goods and services with residents' incomes and compares them to the national average. The result is price parity, a number that varies drastically across the country—for instance, a $100 bill won't get you near as far in Austin as it would in more rural parts of the Hill Country.
While a Ben Franklin note was worth $4 more in New York in 2020 when compared to 2018, a $100 bill decreased by $1.60 in value in Austin. Austin's cost of living also saw the 12th-highest increase among U.S. metros from the 2010 to 2020 census.
And as the pandemic's nationwide housing boom gained extra momentum in Austin, peaking at a median home price of $575,000 in June 2021, Watson said the value of $100 could have dropped even further.
"There's just been a chronic hunger for building houses on the coasts and in certain cities in the heartland," Watson said. "Especially this year, we're seeing more and more discussion about that in Austin, and so that is a big, big factor."
Price parity bleeds into other factors as well—in San Francisco, where the value of $100 sits at $82.63, residents are nearly 18% poorer than their higher incomes suggest. But with higher incomes than the U.S. average, they may find themselves more flush with cash when moving to a cheaper city like Austin.
Many out-of-towners have used that extra change to make housing offers much higher than the asking price, Redfin chief economist Daryl Fairweather told Fox7 Austin.
"All those migrants are bringing with them high-paying jobs who are used to much more expensive housing and they’re willing to pull out all the stops to win these homes and move to Austin," Fairweather said.
But Austin is catching up to those traditional hotspots: the area was predicted to be the most expensive metro outside of the Golden State by the end of 2021.
In just two years, Stanch said she's seen some signs.
"I feel like I look around certain areas of Austin (and) they do feel more similar to downtown Brooklyn," Stanch said. "Some businesses I see might tend to cater to folks who have a little more income."
So why not move to, say, Florence, Alabama, where money is almost 20% more valuable?
Watson said the difference comes down to the value of amenities—something the study can't track.
"Part of the value in New York City is all the amenities that you're near, the value of Broadway, the value of being able to get food delivered to your door," Watson said. "So that may be reflected in people's willingness to pay higher prices... there's a lot of really great reasons why people may want to be in Austin from an identity perspective that you can't get in other parts of Texas."
In Austin, tech salaries rose 5% from 2020-2021 as big-name corporations like Oracle and Tesla—alongside Tesla's billionaire owner Elon Musk—flocked to the nation's new "boomtown." With an ever-increasing job market, eclectic culture and reputation as one of the world's best cities for move-ins, Austin's appeal might still offset its price.
But for Stanch and many others, there may still come a time when price wins over location.
"If I was to the point where homebuying was more important than being near friends and family, then I would move to get the home," Stanch said. "I think that's kind of part of my plan."
