A few weeks ago, Eamon Moynihan reviewed economic research on cost of living by state in a newgeography.com article. The results may seem surprising, given that some of the states with the highest median incomes rated far lower once prices were taken into consideration. The dynamic extends to the nation’s 51 metropolitan areas with more than 1,000,000 population (See Table). read more »
On almost any night of the week, Churchill's Restaurant is hopping. The 10-year-old hot spot in Rockville Centre, Long Island, is packed with locals drinking beer and eating burgers, with some customers spilling over onto the street. "We have lots of regulars—people who are recognized when they come in," says co-owner Kevin Culhane. In fact, regulars make up more than 80 percent of the restaurant's customers. "People feel comfortable and safe here," Culhane says. "This is their place." read more »
In less than 30 years, Silicon Valley has rocketed to celebrity status. The region serves as the top magnet for innovation, often occupying the coveted #1 position of global hot spot rankings. More of an informal shared experience than a physical place, Silicon Valley capitalizes on being centrally located in the San Francisco Bay Area, a broader regional zone that is an economic powerhouse. read more »
During the first ten days of October 2008, the Dow Jones dropped 2,399.47 points, losing trillions of investor equity. The Federal Government pushed TARP, a $700 billion bail-out, through Congress to rescue the beleaguered financial institutions. The collapse of the financial system was likened to an earthquake. In reality, what happened was more like a shift of tectonic plates.
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The economy might come back – but will the housing market return? And in what form?
Right now, builders are jumping into the low end of the market because of the $8,000 first time home buyer tax credit. This tax credit cannot survive indefinitely. Compared to homes sold in 2006, today's are bare bones in size, materials and finishes in response to current, temporary market conditions. But the scrimping only makes the homes built in yesterday’s developments more attractive to potential buyers. The next wave of home buyers will have a choice: stay where they are, move to a more recently built (devalued) home, or buy new. read more »
It was more than 45 years ago that Dr. Martin Luther King, Jr. enunciated his “Dream” to a huge throng on the Capitol Mall. There is no doubt that substantial progress toward ethnic equality has been achieved since that time, even to the point of having elected a Black US President.
The Minority Home Ownership Gap: But there is some way to go. Home ownership represents the core of the “American Dream” that was certainly a part of Dr. King’s vision. Yet, there remain significant gap in homeownership by ethnicity. read more »
Not for the first time, reality and politics may be on a collision course. This time it’s in respect to the costs of strategies intended to reduce greenhouse gas emissions. The Waxman-Markey “cap and trade” bill still awaits consideration by the US Senate, interest groups – mainly rapid transit, green groups and urban land owners – epitomized by the “Moving Cooler” coalition but they are already “low-balling” the costs of implementation. read more »
By Richard Reep
Regarding Florida’s new outmigration, “A lot of people are glad the merry-go-round has finally stopped. It was exhausting trying to keep up with 900 new people a day. Really, there is now some breathing room,” stated Carol Westmorland, Executive Director of the Florida Redevelopment Association at the Florida League of Cities. Now that surf and sand are officially unpopular, the urban vs. suburban development debate has caught developers and legislators in a freeze frame of ugly and embarrassing poses at local, regional, and state levels. read more »
Late this spring, when voters in California emphatically rejected tax increases to close the state budget gap, they sent a clear message to state policymakers. They were tired of California’s high taxes, which according to the non-partisan Tax Foundation, consumed 10.5 percent of state per capita income last year. This compared with a national average of 9.7 percent, making California the sixth most heavily taxed state in the nation.
But if Californians were tired of paying an additional 0.8 percent of their income in state and local taxes, what would they make of research by economists at the federal Bureau of Economic Analysis that estimated that the cost of living in California, based on 2006 data, was a whopping 29.1 percent above the national average? read more »
Urban politicians have widely embraced the current concentration of power in Washington, but they may soon regret the trend they now so actively champion. The great protean tradition of American urbanism – with scores of competing economic centers – is giving way to a new Romanism, in which all power and decisions devolve down to the imperial core.
This is big stuff, perhaps even more important than the health care debate. The consequence could be a loss of local control, weakening the ability of cities to respond to new challenges in the coming decades. read more »