We just overbuilt everything. Condos, houses, etc. There's a lot of inventory no matter what type of housing you're looking for.
The academic consensus is that there is a housing shortage, not a surplus. Perhaps there is a local surplus in undesirable areas, but that isn’t true in cities or nationally.
https://www.brookings.edu/articles/make-it-count-measuring-o...
No, you just happened to build appropriately because a certain subfaction of the population weren't able to pass the typical laws that would stop building.
The housing shortage was created by regulation and it's foolish or selfish to pretend otherwise.
Austin is unique in that most of the harmful self-serving conservatism-as-in-block-and-deny-all-development that city people usually to do is constrained by the rest of the state, and as an obvious result arguably has the highest standard of living in the entire world.