From Southern California to Shanghai and London, inflated real estate prices have evolved into a simulacrum for broader prosperity. In an era of limited income gains, growing inequality, political dysfunction and fading productivity, the conjunction of low interest rates and essentially free money for the rich and well-placed has sparked the construction of often expensive, high-density residential housing. read more »
I explored the Orange Line Bus Rapid Transit (BRT) system that runs for eighteen miles across the San Fernando Valley in Los Angeles. The Valley is a profoundly suburban city-within-a-city and home to 1.8 million people spread out over 260 square miles. Attempts to upgrade public transit by the central authorities in LA proper have been fought tooth and nail by folks in the Valley and illustrate why transit just doesn’t work when the local culture doesn’t want it. I’m not sure why LA keeps pushing on this particular string. read more »
You may have heard that Detroit is in the midst of a modest but enduring revival in and around its downtown. Residents and businesses are returning to the city, filling long-vacant skyscrapers, prompting new commercial development and revitalizing adjacent old neighborhoods. As a former Detroiter I'm excited to see the turnaround. After so many false starts, Detroit's post-bankruptcy rebound seems very real. read more »
Politicians, housing advocates, planners and developers often blame the NIMBY — “not in my backyard” — lobby for the state’s housing crisis. And it’s true that some locals overreact with unrealistic growth limits that cut off any new housing supply and have blocked reasonable ways to boost supply.
But the biggest impediment to solving our housing crisis lies not principally with neighbors protecting their local neighborhoods, but rather with central governments determined to limit, and make ever more expensive, single-family housing. Economist Issi Romem notes that, based on the past, “failing to expand cities [to allow sprawl] will come at a cost” to the housing market. read more »
Millions of people pass through O'Hare, settle into the adjacent hotels, go to conferences and meetings in the nearby convention centers, shop in the nearby stores or drink and eat in the nearby bars and restaurants, and believe they're in Chicago. But they're not. In most cases, they're in the small village of Rosemont, the tiny town that's done more than any community I know to capitalize on its location. read more »
Are you ready to become a “real” city yet, Southern California? Being “truly livable,” our betters suggest, means being “infatuated” with spending more billions of dollars on outdated streetcars (trolleys) and other rail lines, packing people into ever small spaces and looking toward downtown Los Angeles as our regional center. read more »
My recent post at Granola Shotgun described how a town in Georgia spent an enormous amount of public money on a new civic center and road expansions, but somehow managed to devalue nearby private property in the process. Here’s an example of a neighborhood in Nashville, Tennessee that took a different approach that cost a lot less and achieved a radically better set of outcomes. read more »
This piece by Zelda Bronstein (original to 48hills.org) goes behind the story of the Peninsula planning commissioner who made national news by saying she had to leave town to buy a house for her family.
On August 10, Kate Vershov Downing, a 31-year-old intellectual-property lawyer, set the media aflutter when she posted on Medium a letter to the Palo Alto City Council stating that she was resigning from the city’s Planning Commission because she was moving to Santa Cruz. The reason for her move: She and her 33-year-old husband Steven, a software engineer, couldn’t find a house they could afford to buy in Palo Alto. Downing said that they currently rented a place with another couple for $6,200 a month, and that if they “wanted to buy the same house and share it with children and not roommates, it would cost $2M.” read more »
After a long period of stagnation, last week’s announcement of the first substantial annual income gains since 2007 was certainly welcome. Predictably, analysts inclined toward a more favorable view of President Obama’s policies reacted favorably. Progressive icon Paul Krugman crowed that last year the “economy partied like it was 1999,” which he said validated the president’s “trickle up economics.” read more »
New research supports the conclusion that anti-sprawl policy (urban containment policy) is incompatible with housing affordability. Build-zoom.com economist Issi Romem finds that: “Cities that have curbed their expansion have – with limited exception – failed to compensate with densification. read more »