I picked up a copy of The Wall Street Journal-Europe on the concourse while boarding my Emirates Air flight from Paris to Dubai. The lead story provided an unexpected relevance to the trip – my first to Dubai. Dubai World, owned by the Dubai government, had announced a 6-month moratorium on payments of some of its $60 billion in debt. Since the announcement, stock markets have been dropping and recovering, company officials have attempted to calm borrowers and government officials have provided considerably less assurance than Dubai’s investors would have preferred. read more »
Whatever the results of the Copenhagen conference on climate change, one thing is for sure: Draconian reductions on carbon emissions will be tacitly accepted by the most developed economies and sloughed off by many developing ones. In essence, emerging economies get to cut their "carbon" intensity--a natural product of their economic evolution--while we get to cut our throats.
The logic behind this prediction goes something like this. Since the West created the industrial revolution and the greenhouse gases that supposedly caused this "crisis," it's our obligation to take much of the burden for cleaning them up. read more »
During the first ten days of October 2008, the Dow Jones dropped 2,399.47 points, losing 22.11% of its value and trillions of investor equity. The Federal Government pushed a $700 billion bail-out through Congress to rescue the beleaguered financial institutions. The collapse of the financial system in the fall of 2008 was likened to an earthquake. In reality, what happened was more like a shift of tectonic plates.
The driveway tells the story. The traditional two-story 2,200 square foot suburban home has a two-car attached garage. Today’s multi-generational families fill the garage, the driveway and often also occupy the curb in front of the home. The economic crisis that is transforming America is also changing the way we live. The outcome will change the way America views its housing needs for the balance of the 21st Century. read more »
Census data continue to suggest that fringe areas still grow faster than cities, but some have continued to argue that the flight to the suburbs has ended, or at least slowed, and that we are experiencing a resurgence of urban living. In a 2005 article for the Journal of the American Planning Association, Robert Fishman predicts a new pattern of migration – a so-called Fifth Migration – that will revitalize inner core neighborhoods that were depopulated through decades of suburbanization. In a 2004 study of the New York region, James W. Hughes and Joseph J. read more »
One of the principal arguments used against suburbanization is that its infrastructure is too expensive to provide. As a result, planners around the high income world have sought to draw boundaries around growing urban areas, claiming that this approach is less costly and that it allows current infrastructure to be more efficiently used.
Like so many of the arguments (a more appropriate term would be “excuse”) used to frustrate the clear preferences about where people want to live and work, the infrastructure canard holds little water upon examination. read more »
Has evidence-based planning fallen from grace in favour of catchy slogans and untested assumptions? In the case of urban planning, arguably that is just what’s happened. The evidence, in Australia at least, is worrying.
“We must get people out of cars and onto public transport.” “We must stop urban sprawl and the consumption of valuable land.” “We must build higher density communities to achieve sustainable environmental outcomes.” Phrases like this are now de rigueur across many discussions about urban planning in the media, in politics and in regulatory circles in Australia. They are rarely challenged on the basis of what the actual social, economic or scientific evidence is really saying. read more »
Dr. Housing Bubble (based in California), in "The comprehensive state of the US housing market", asserts that of the 129 million residential units in the United States, some 15,950,000 are vacant, resulting in a huge oversupply of residential stock across the country.
If Indian Prime Minister Manmohan Singh wants a taste of home during his visit to Washington this week, he might consider a trip to McLean, Va., home to the region's largest indoor mall, Tysons Corner Center. After all, there are few groups more mall-crazy than India's expanding affluent class.
Back here in the U.S., urban boosters and planners like to predict that malls are "vanishing." But while consumer-deflated America may suffer from mall fatigue and a hangover from overbuilding, much of the developing world has experienced no such malaise. In 2000, for example, India was virtually mall-less. Today it has several hundred, with scores of new ones on the drawing boards. read more »
It was during a recent tour of a sun-baked Los Angeles schoolyard that theories on state regulations developed by the latest Nobel Prize-winning economist came into focus. The Da Vinci Design Charter School is an oasis in an asphalt desert. Opened this year by the appropriately named Matt Wunder, the school draws 9th and 10th graders from some of the most difficult and dangerous learning environments in the country, and introduces them to a demanding, creative atmosphere. read more »
To read the periodic house price reports out of California, it would be easy to form the impression that house prices are continuing to decline. Most press reports highlight the fact that house prices are lower this year than they were at the same time last year. This masks the reality of robust house price increases that have been underway for nearly half a year. The state may have forfeited seven years of artificially induced house price escalation in just two years but has recovered about one-fifth of it since March. read more »