[subtextminer]

I live in Austin. In the 1980s, there was a building boom that collapsed.

Austin had 23%(!) apartment vacancy in 1990 after a collapse that started in 1985.

It wasn't until about 1993 that prices returned to 1985 nominal values.

At the time it wasn't code changes that caused this but excessive lending by Savings and Loan banks. You can research the S&L crisis that required a federal bail out. This cause massive bankruptcy and the creation of an entity all the Resolution Trust Corporation to sell all this near worthless property for pennies on the dollar. This affected all of Texas and also Louisiana and Arizona.

For Austin this was great as a whole as rents were ridiculously cheap for 10-15 years and it was an economic and cultural catalyst, drawing in hordes of young people from around the country.

[KolibriFly]

That's a really useful historical reminder