Housing affordability and its impact on middle income households around the world is emerging as a major concern throughout the developed world. The largest element in household budgets is housing, and house prices have skyrocketed relative to incomes in many metropolitan areas, especially those that have adopted strict land use regulation (particularly urban containment, as described below). read more »
Much is made, and rightfully so, about the future trends of America’s demographics, notably the rise of racial minorities and singles as a growing part of our population. Yet far less attention is paid to a factor that will also shape future decades: where families are most likely to settle.
However hip and cool San Francisco, Manhattan, Boston or coastal California may seem, they are not where families are moving. read more »
This is the introduction to a new report: “Building Cities for People” published by the Center for Demographics and Policy. The report was authored by Joel Kotkin with help from Wendell Cox, Mark Schill, and Ali Modarres. Download the full report (pdf) here.
Cities succeed by making life better for the vast majority of their citizens. This requires less of a focus on grand theories, architecture or being fashionable, and more on what occurs on the ground level. “Everyday life,” observed the French historian Fernand Braudel, “consists of the little things one hardly notices in time and space.” read more »
You want something truly scary? Take a look at these mockups of what San Francisco might look like if we build all the housing that the developers say we need.
According to writer Greg Ferenstein, read more »
America is suffering from the severest undersupply of housing since the end of the Second World War. Although population growth has slowed significantly since the 1950s and 1960s, production has slowed down even more so. It’s not surprising that homebuilding declined after the housing bubble burst in 2008, but from 2011 to 2015 it continued to fall, dropping almost a quarter. read more »
There is a growing body of research on the consequences of excessive land use regulation. The connection between excessive land use regulation and losses in housing affordability, has been linked to the doubling or tripling of house prices relative to incomes in places as diverse as Hong Kong, the United States, Canada, Australia, New Zealand and the United Kingdom. read more »
Will new American housing growth continue to reflect old methods, or will the land development, home building, and consulting industry retool, re-educate, and collaborate to create a new era of more attractive, livable, efficient, and environmentally responsible growth at attainable prices? read more »
Average pay varies widely among U.S. cities, but those chasing work opportunities would do well to keep an eye on costs as well. Salaries may be higher on the East and West coasts, but for the most part, equally high prices there mean that the fatter paychecks aren’t necessarily getting the locals ahead. read more »
Sandy Ikeda and I have published a new Mercatus paper on the regressive effects of land use regulation. We review the empirical literature on how the effects of rules such as maximum density, parking requirements, urban growth boundaries, and historic preservation affect housing prices. Nearly all of the studies on the price effects of land use regulations find that — as supply and demand analysis would predict — these rules increase the price of housing. read more »
This is the Executive Summary from a new report “A Question of Values: Middle-Income Housing Affordability and Urban Containment Policy" authored by Wendell Cox and published by the Frontier Centre for Public Policy. Ailin He, a PhD doctoral candidate in economics at McGill University served as research assistant. read more »