Frankly, I'm surprised that the Austin region's notable decline in quality of life hasn't already begun to act as a feedback mechanism limiting investment and population growth.

Austin was plagued by decades of nimbyism and poor urban planning that prevented sufficient infrastructure development before it was a tech hotspot. ~10 years ago, things like traffic and public transport had already become borderline unbearable relative to comparable cities. It has only become much, much worse in recent years. I imagine that it might still seem livable to tech folks arriving from west/east coast megacities, but to us locals...not so much.

Nearby San Antonio has done a much, much better job in terms of infrastructure development, but of course nobody wants to set up shop there because it doesn't have the (fading, imo) cultural cachet that Austin has.