Not to mention, Austin could just make it cheaper to build to offset lower sell prices. Gruber et al estimate permits are 50% of an LA home's price. Fix permitting and rent goes down 50% by your assumptions that developers build until margins are 0.

Assume austin is only half as bad as LA, a 25% rent decrease would be incredible

Gruber's paper: https://evansoltas.com/papers/Permitting_SoltasGruber2026.pd...