Austin should learn from other cities:
www.salon.com/2015/04/05/the_incredible_shrinking_megacity_how_los_angeles_enginereed_a_housing_crisis/
Substitute "Austin" for "L.A." in this excerpt from the article:
And yet, L.A. is much, much closer to its residential capacity than the more compact and more populous NYC. Los Angeles has created a crisis of artificial scarcity; a burden for renters, a drain on economic growth, and an environmental disaster. The city has planned itself into a cage.
Projects like One Two East must be built.