Austin prices absolutely exploded from about 2010 to 2022. A huge part of that was housing, and then just before the pandemic Austin became sort of a weird "meme stock" ("Elon Musk is moving there!", "Joe Rogan is moving there") where its popular vision far outstripped its actual reality. I remember travelling around 2018 or so and telling people I was from Austin, and nearly every time I got a "Oh cool, I've heard that's such an awesome city" in response, which was far different a response I'd get in like 2005 or so. I mean, I like Austin, but we also had 2 months straight of 105+ degree weather a few years ago...

Like the article states, when housing goes up everywhere, it means that even the lowest wage workers need to be paid a lot more to survive, so the reason basic sandwiches are so expensive there is that entry level pay is now about $25/hr.

The other issue you saw, homelessness, is especially concentrated in Austin. Austin is perhaps the most liberal city in deep red Texas, so homeless people flock to Austin because it has good services and a generally sympathetic populace, and some rural conservative locales have even been giving homeless people one way bus tickets to Austin.

I guess the good news is that Austin built a shit ton of housing since 2021-2022, so housing prices (including rentals) are falling faster in Austin than anywhere else in the US.