For decades, California's housing costs have been racing ahead of incomes, as counties and local governments have imposed restrictive land-use regulations that drove up the price of land and dwellings. This has been documented by both Dartmouth economist William A Fischel and the state Legislative Analyst's Office. read more »
Twenty years ago, America’s cities were making their initial move to regain some of their luster. This was largely due to the work of mayors who were middle-of-the-road pragmatists. Their ranks included Rudy Giuliani in New York, Richard Riordan in Los Angeles, and, perhaps the best of the bunch, Houston’s Bob Lanier. Even liberal San Franciscans elected Frank Jordan, a moderate former police chief who was succeeded by the decidedly pragmatic Willie Brown. read more »
Across the nation, progressives increasingly look at California as a model state. This tendency has increased as climate change has emerged as the Democratic Party’s driving issue. To them, California’s recovery from a very tough recession is proof positive that you can impose ever greater regulation on everything from housing to electricity and still have a thriving economy. read more »
Everywhere I go it seems there’s some kind of housing crisis. In some places home values are dropping precipitously, people are unable to sell and move on, and formerly middle class homes are being abandoned or converted to poorly maintained rental properties. In other places home values and rents are obscenely high and ordinary people and essential workers are being driven out of whole cities and counties. The national economy has bifurcated and the shrinking middle class is reflected in a two tiered housing market. I’d like to explore the root causes of the situation. read more »
In hip, and even not-so-hip, circles, markets, restaurants and cultural festivals across the country, local is in. Many embrace this ideal as an economic development tool, an environmental win and a form of resistance to ever-greater centralized big business control.
Yet when it comes to areas being able to choose their urban form and for people to cluster naturally – localism is now being constantly undermined by planners and their ideological allies, including some who superficially embrace the notion of localism. read more »
Congratulations Boston! Your rejection of the "honor" of representing the US as its candidate for the 2024 Summer Olympics is an inspiring example of government performing its obligation to taxpayers and their hard earned money. Those of us who think that government has a responsibility to wisely use taxpayer money sometimes forget that Massachusetts enacted Proposition 2 1/2 not long after California's fabled Proposition 13. read more »
During a tour to Paris, Bruce Springsteen explained that his dream was for the US to adapt a Swedish style welfare state. The famous musician is far from alone in idealizing Nordic policies. The four Nordic nations (Denmark, Finland, Norway and Sweden) are often regarded as prime role-models the policies to be emulated by others. Internationally, advocates of left of centre policies view these countries as examples of how high tax social democratic systems are viable and successful. read more »
Few people have had more influence on thinking about cities than the late Jane Jacobs.
The onetime New Yorker turned Torontonian, Jacobs, who died in 2006, has become something of a patron saint for American urbanists, and the moral and economic case she made for urban revival has been cited by everyone frompundits and think tanks to developers. read more »
Seeking an understanding of the Great Recession, I am finding that most of the 2008 financial crisis and its aftermath can be explained by incompetence. In the final weeks of writing a book on the systemic failure in US capital markets, I had to re-read the Securities and Exchange Commission (SEC) Inspector General’s 2009 report on their failure to stop Bernard Madoff despite having received credible evidence of a Ponzi scheme. read more »
In a number of Western world cities, there is rising concern about foreign housing purchases which may be driving up prices for local residents. Much of the attention is aimed at mainland Chinese buyers in metropolitan areas where housing is already pricier than elsewhere. The concern about housing affordability is legitimate. However, blaming foreigners misses the point, which is that the rising prices are to a large degree the result of urban containment policies implemented by governments. read more »