If 60,000 people continue to move from there to Texas every year then 20 years from now when the area has lost over a million residents the housing prices might well flatten organically. This madness is causing housing prices to climb in Texas though.
It's not a _terrible_ analogy though.
I haven't been to all the major US cities but I got a bit of a Portland vibe from Austin. It's definitely not what I expected from my first time in Texas (I'm a West Coast Canadian).