So there is a shortage of "affordable" housing because millions of people have come here but millions of D and C class units have not been created.

Because according to them, Austin has a supply shortage. https://www.eventbrite.com/e/how-you-can-achieve-up-to-22-re...https://disclosurequest.com/form/lcp-austin-dev-fund-25-llc/0002022266-24-000001

This is in large part to the crazy housing shortage here.I have had tenants ask about getting paid to leave.  

There is already a massive shortage of affordable housing.

They sent a very professional slide pitch deck that showed all of their justifications around that specific market, e.g. employment market, housing shortage data, the new developments in the area, the air bnb data, etc. etc.They also stated the numbers were conservative (7 year to reach the target returns) and that likely it will be year 4-5.

This produced a shortage of houses available to rent and contributed to the ability of investors to raise rents.

A couple of the adjacent cities are planning on building 2500 new homes in the area...not sure of the impact as there is a water shortage due to salt water intrusion.  

There is and will continue to be a shortage of good, affordable housing in growing markets like San Antonio.

It is quite frustrating for sure and there are no shortage of people who take advantage of others but, ultimately, unless there is significant money you are loosing ($25k+) from this due to their lack of disclosure, it usually isn't worth your time.

Where I am, rents have gone up and there is a shortage of rentals.