Austin, Texas, is losing its grip on the promise of high-income job growth and decent rent — with no major cities left to fill the void. Natives of Austin, Texas, know that if you used to stroll down Red River Street, you’d stumble upon a beloved music club called the Red Eyed Fly. It was a hole-in-the-wall establishment — the type of place where you wouldn’t want to walk barefoot, laughs Colin Pope, editor of the Austin Business Journal. Drinks were cheap, songs played on the jukebox until morning and live rock echoed through the backyard. Pope says Google managers trying to lure hires to Austin often brought them in for an authentic taste of the city. In 2015, the club closed its doors amid rising rents, a sign of a major change that’s been brewing. For a long time, the Texas capital seemed to spur economic development without getting swallowed by rent hikes like other cities across the United States. | 