The state of Texas faces a severe housing crisis, with a shortfall of 675,000 achievable rental units alone. In the rapidly expanding Texas Triangle, which encompasses Dallas-Fort Worth, Houston, San Antonio, and Austin, working-class families struggle to find housing they can afford. Charles Covey, the founder of Valorem Capital and LandVest Development, has made it his mission to address this crisis by developing community-oriented and cost-effective housing solutions. Drawing from his early experience in construction and extensive real estate investment background, Covey is pioneering a movement that balances profitability with meaningful social impact.
A Builder at Heart, a Visionary in Practice
Covey’s journey into achievable housing wasn’t merely a business decision; it was a response to the needs of the very workforce that drives the construction industry. “I’ve run multiple companies and employed hundreds of hardworking people. These are individuals who are doing everything right — working long hours, providing for their families — yet they struggle to afford a decent place to live,” Covey explains. Despite offering competitive wages and bonuses, he found that many employees barely made ends meet due to rising housing costs.
Recognizing this gap, Covey transitioned his real estate focus towards providing achievable housing for blue-collar workers. Unlike luxury high-rises in urban centers, which often attract eager investors, workforce housing is an often-overlooked sector with immense demand. “Everybody wants to build high-rise apartments in downtown Austin or Dallas because it’s sexy and easy to find investors. But that’s not what’s needed. The numbers in Texas are alarming, and we are nowhere near keeping up with the demand,” he states.
Strategic Solutions to a Growing Problem
LandVest Development’s approach to realistic and achievable housing is rooted in thoughtful design, cost efficiency, and smart land acquisition. “You have to be incredibly strategic,” Covey explains. “If you want to build something achievable at $100 per square foot instead of $200 or more, you need to rethink everything — from where your materials come from to how you’re pouring concrete.”
One of the biggest challenges in the housing market, according to Covey, is that home sizes have ballooned over the decades, often unnecessarily. “Americans have a cultural tendency to associate success with bigger homes, but that mindset is part of the affordability issue. A 7,000-square-foot house for four people is overkill,” he notes. By carefully curating design choices — reducing wasted space, implementing modular construction, and leveraging pre-fabrication — LandVest Development ensures that affordability doesn’t come at the cost of quality or livability.
Beyond design and construction, another major hurdle in achievable housing development is navigating local policies and regulatory red tape. “Across the country, about 25-30% of the total project cost is tied up in entitlement, zoning, permitting, and bureaucratic inefficiencies,” Covey points out. LandVest Development works closely with municipalities to streamline approval processes and create mutually beneficial solutions. “The key is to work with cities, not against them. We’re not just coming in to build and leave. We engage with communities, donate land for parks, sponsor local youth programs, and become long-term partners in the areas where we develop.”
