For some time, theorists have been suggesting that it is time to redefine the American Dream of home ownership. Households, we are told, should live in smaller houses, in more crowded neighborhoods and more should rent. This thinking has been heightened by the mortgage crisis in some parts of the country, particularly in areas where prices rose most extravagantly in the past decade. And to be sure, many of the irrational attempts – many of them government sponsored – to expand ownership to those not financially prepared to bear the costs need to curbed. read more »
"This is the city," ran the famous introduction to the popular crime drama Dragnet. "Los Angeles, Calif. I work here." Of course, unlike Det. Sgt. Joe Friday, who spoke those words every episode, I am not a cop, but Los Angeles has been my home for over 35 years.
To Sgt. Friday, L.A. was a place full of opportunities to solve crimes, but for me Los Angeles has been an ideal barometer for the city of the future. For the better part of the last century, Los Angeles has been, as one architect once put it, "the original in the Xerox machine." It largely invented the blueprint of the modern American city: the car-oriented suburban way of life, the multi-polar metropolis around a largely unremarkable downtown, the sprawling jumble of ethnic and cultural enclaves of a Latin- and Asian-flavored mestizo society. read more »
by Richard Reep
Like a heroin addict going cold turkey, Florida appears poised to get off the growth drug this coming fall. If massive overbuilding, unemployment, depopulation, and a tourist-chasing oil slick weren’t enough, Florida’s voters are in the mood to vote yes on a referendum called Amendment 4, which would make every future change to the state’s comprehensive plan subject to voter approval, rather than be reviewed through a representative public process. The referendum capitalizes on short-term voter outrage over everything. But in the long term, Florida will likely languish in the twilight of missed opportunities as businesses relocate elsewhere to avoid risky, lengthy public campaigns to build their presence in this state. read more »
The federal debt climbed above $13 trillion this month. An easier way to define the national debt is to comprehend that we each owe more than $39,000 to the Chinese, Japanese, and Arabs of the Persian Gulf. The budget deficit will exceed $1.5 trillion this year and forty-seven states are running deficits. California has a $19 billion deficit and its legislature’s landmark response was to pass a law banning plastic bags. Our cities are in worse shape. The former mayor of Los Angeles, Richard Riordan, says that a bankruptcy by that city is inevitable. read more »
There are few more bankrupt arguments against suburbanization than the claim that it consumes too much agricultural land. The data is so compelling that even the United States Department of Agriculture says that "our Nation's ability to produce food and fiber is not threatened" by urbanization. There is no doubt that agricultural production takes up less of the country's land than it did before. But urban “sprawl” is not the primary cause. The real reason lies in the growing productivity of American farms.
Since 1950, an area the size of Texas plus Oklahoma (or an area almost as large as France plus Great Britain) has been taken out of agricultural production in the United States, not including any agricultural land taken by new urbanization (Note 1). That is enough land to house all of the world's urban population at the urban density level of the United Kingdom. read more »
Ever since the ill fated 1999 WTO meeting in Seattle, there has been some debate over the merits of hosting meetings of international organizations in major cities. Some argue that there are economic spin offs from the tourism generated by these conferences, but others argue that the security costs far outweigh the benefits. In the lead up to the G-20 meeting in Toronto, scheduled for June 26-27, there has been a flurry of controversy over the price tag for conference security. read more »
Europe's Greece crisis has turned the world's attention to the continent's fundamental flaw: burgeoning public spending and sluggish growth in some of its national economies.
To the extent that Europe's more economically fragile countries cannot fix this flaw, Europe poses a global financial risk as toppling EU countries cannot meet their obligations and those left standing cannot prop them up. Only fiscal discipline and boosting growth can save Europe in the long-run. read more »
For many years, critics of the suburban lifestyles that most Americans (not to mention Europeans, Japanese, Canadians and Australians) prefer have claimed that high-density housing is under-supplied by the market. This based on an implication that the people increasingly seek to abandon detached suburban housing for higher density multi-family housing.
The Suburbs: Slums of the Future? read more »
Watford, England, sits at the end of a spur on the London tube's Metropolitan line, a somewhat dreary city of some 80,000 rising amid the pleasant green Hertfordshire countryside. Although not utterly destitute like parts of south or east London, its shabby High Street reflects a now-diminished British dream of class mobility. It also stands as a potential warning to the U.S., where working-class, blue-collar white Americans have been among the biggest losers in the country's deep, persistent recession. read more »
"The writing is on the wall for the Australian dream," according to Professor Joe Flood at the Flinders University Institute for Housing, Urban and Regional Research. That was before recent predictions that Australia's overheated housing market may be headed for even higher prices. Real estate experts have recently predicted a doubling of house prices in all five of the largest metropolitan areas over the next decade. read more »