We could fill every square inch of downtown real estate with 30 story towers and rents would not be the $750 a month that people seem to expect to pay. There are nearly 1,000 places to rent in Victoria on Craigslist and the vacancy rate is now higher then it has been in years. The issue is high land prices and construction costs alongside a low productivity workforce in a largely service oriented market. Building more floors on a tower won't solve that.
No you wouldn't have dirt cheap rent, but you wouldn't have new renters paying $1,300/month for a no pets no kids slice of basement either.
Towers are only part of the equation anyhow. What we REALLY need is a boom of 4-6 stories wooden walkups in the region, but for some inexplicable reason NIMBYs hate those too even though they are omnipresent and to no one's detriment.