Supply go up, price go down. Econ 101 still the right guide to making housing more affordable. How to make supply go up, of course, is a little more complicated, but this post gets into how Austin did it.
Austin’s Surge of New Housing Construction Drove Down Rents
After decades of explosive growth, Austin, Texas, in the 2010s was a victim of its own success. Lured by high-tech jobs and the city’s hip reputation, too many people were competing for too few homes. From 2010 to 2019, rents in Austin increased nearly 93%—more than in any other major American city. And home sale prices increased 82%, more than in any other metro area in Texas.
pew.org