>No, it isn’t, because Austin allows building to keep up with demand. The policy failures of West Coast states aren’t a law of nature; they’re policy failures.
The policy of building out is a law of nature, simply because it is impractical and unaffordable to upgrade the transportation infrastructure. The only real development you're getting in Austin is vertical construction downtown (which is net good for affordability), and then you're filling in the remaining wilderness east of Austin (Manor, Webberville, and the area out to Bastrop).
That's the last remaining unconsumed land that is viable for commuting, as the highways are already overcapacity out to Leander, Georgetown, Buda, and nearly Dripping Springs along the Mopac and 35 corridors.
If Austin starts building multi-family homes in existing SFH neighborhoods, then more power to them.