The past rules of supply and demand do not apply any more. Housing is now a global commodity sought after by entities who have no intention of moving here or leasing to residents. Some facts: > A significant portion of home sales are bid by investors (like the ones described above). Or, like my cliched neighbors from California, they are spare homes. > New construction and renovated construction increase neighborhood property values. Some opinions and assumptions: > A combination of higher interest rates and the crypto crash stabilized Austin housing prices > Decreasing property tax rates stimulates the housing market, leading to higher valuations. > Texas cities are largely inept in doing anything about except making things worse by accelerating gentrification. The state has and would strike down any remedies that would conflict with special interests or “free market” rhetoric. > Maybe COA’s codenext scheme, with incentives for subsidized housing, is the best bad solution.