Permits for multifamily housing have dropped below pandemic-era levels across the country, according to Redfin, with Austin seeing among the most dramatic fall-offs.

Why it matters: Apartment construction influences housing affordability in Austin, where a wave of new apartments ultimately helped curb rent hikes.

• The construction slowdown, which tariffs could prolong, risks reigniting rent inflation.

The big picture: The rise of remote work during the pandemic allowed Americans to relocate to Austin and other cities, leading to a surge in rental demand.

• Builders ramped up construction in response — but now, rents are flattening and borrowing costs are high, making building less attractive.

By the numbers: Developers got permits to build an average of 64.5 multifamily units per 10,000 people in greater Austin from April 2024 to March 2025, according to Redfin's analysis of Census Bureau data.

• That's down from the nearly 95 multifamily units per 10,000 people during the pandemic surge.

Reality check: Austin is still issuing more multifamily permits — buildings with five or more units — than any other metro Redfin analyzed.

State of play: The median asking rent in Austin dropped 10.7% year over year to $1,420 in March — $379 below its record high.

• That was the largest decline in percentage among the 44 major U.S. metropolitan areas Redfin analyzed this spring.

Zoom out: 63% of major metros are seeing fewer units approved per 10,000 people compared to the pandemic era.

What they're saying: Builders nationwide are "pumping the brakes because elevated interest rates are making many projects prohibitively expensive," Redfin senior economist Sheharyar Bokhari wrote in the report.

What's next: Mayor Kirk Watson is offering a resolution at Thursday's City Council meeting ordering city officials to re-examine incentive programs that allow developers to build taller buildings in exchange for affordable housing.

• "My hope is that we can have a robust and meaningful discussion on how to achieve more density and more affordable housing that fits the communities that make Austin, Austin," Watson wrote in his Watson Wire newsletter on Monday.

Texas has more international students than nearly every other state, per data from NAFSA, an international education nonprofit.

Why it matters: The Trump administration is halting student visa interviews and revoking visas for Chinese students amid a political pressure campaign against colleges and universities and a broader immigration crackdown.

• The revocation of Chinese students' visas in particular is tied to concerns that their government is using them "to steal intellectual property on Beijing's behalf," a State Department official told Axios.

By the numbers: Of all international students studying in the U.S. during the 2023-24 school year, about 8% were doing so in Texas, third behind only California (12.5%) and New York (12.1%).

Zoom in: The University of Texas appears to be especially exposed to the administration's crackdown.

• During the 2024-25 school year, nearly 2,000 undergraduates and more than 4,600 graduate students were from abroad — or about 12% of all UT-Austin students.
• 1,394 of those students hailed from China, second only to the 1,502 from India.

What they're saying: As part of standard practice, "there is ongoing communication" with international students about immigration and other matters, "providing guidance where applicable," UT spokesperson Mike Rosen tells Axios.

What we're watching: UT interim president Jim Davis has not made any major public pronouncements about international students and their role at the university.

• Stanford University president Jon Levin, in contrast, wrote in a Linkedin post in late May that "it's self-defeating to send away young people with so much potential to contribute to the country."

🍕 Allday Pizza has closed its food trailer on East Sixth Street to focus on its brick-and-mortar locations in Hyde Park and Tarrytown. (Eater Austin)

🚗 Electric vehicle company Ayro appears to have left Round Rock amid financial turmoil. (Austin Business Journal 🔒)

A World War II pilot from Georgetown shot down during a bombing raid over Burma has finally been accounted for — and will be reburied in Texas in August. (Fox 7 Austin)

We caught sight a couple days ago of a crew doing fast work replenishing mulch at the Bailey Neighborhood Park swing set near North Lamar Boulevard and West 34th Street.

How it worked: A big truck evidently full of wood chips pulled up.

• A wide-mouthed red hose was hooked up to the back of the truck, a motor was turned on, and a dude started firing mulch at a stunningly high caliber.
• Then another guy started raking it smooth.

The bottom line: Austin kids are a little less likely to got hurt thanks to these folks.

👋 Nicole here. I recently tried out Second Street District's newest cocktail lounge, Golden Ace.

The big picture: Sushi Bar Hospitality relocated their omakase restaurant earlier this year and opened Golden Ace as a cocktail concept beside it.

• Golden Ace seats up to 40 guests and features a Japanese spirits-focused cocktail program led by Christian "Suzu" Suzuki-Orellana, the mixologist and star of Netflix's "Drink Masters."

To drink: I loved the Yume ($20), a mezcal cocktail with imo shochu — a Japanese spirit distilled from sweet potato — melon aloe, lavender and clarified soy milk.

Six-word review: Delightfully smoky, floral and slightly creamy.

🦢 Plus, I got to take the paper crane home in my pocket.

📍 If you: 419 W. Second St. Open nightly 4pm to midnight.