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I was wondering if there was a way to autosize a drawn out textbox to fit the height of the text in PS. Something similar to inDesign where if you double-click the bottom-center draggable point of the textbox it adjusts accordingly.

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I'm not aware of a function specifically for that, but if you right click the text layer and convert the paragraph text to point text then back again it will get the job done.

  • Wish Adobe made a one-click feature that would solve this but this method solves the issue nonetheless. Thanks! – Carl Edwards Jun 28 '14 at 19:51
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    @CarlEdwards You could make it into an action – Joonas Jun 29 '14 at 0:37

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