This is incorrect, the property tax system in Texas should allow market forces to guide housing development. I grew up in Austin, the city is literally 3x the size when i was in high school, but unlike they Bay Area, they are building a ton of housing, and have since the 90s, because it's not profitable to just squat on undeveloped valuable property because of the high property taxes.

You look at the skyline from when Dell was founded, and look at the skyline today. It's been non-stop residential housing development, and it's only accelerating. The current squeeze is sizable, yes, but the market forces are working.