When Americans consider a move to another part of the country, they sometimes are forced to make a tough choice: should they go to a city with the best job opportunities, or a less economically vital area that offers a better standard of living, particularly more affordable housing? However, there are still plenty of metropolitan areas in the U.S. where you can get the best of both worlds. read more »
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 »
One of the great pleasures of China is a walk along the Bund promenade.
Shanghai’s Bund is one of China’s great tourist and historic sites. Its history lessons are from two distinctively different periods. All of this can be witnessed from the raised promenade along the west bank of the Huang Pu River, which separates the old Puxi (west of the river) commercial core of Shanghai from the new, iconic business district that has grown up in Pudong (east of the river). It is clear that the promenade at the Bund is a very popular local tourist attraction as well. 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 »
The story of skyrocketing rents has two components: residential and commercial.
My New York neighborhood, the Upper West Side, features fairly stable residential rents, but commercial rents seem to have been soaring. This has caused the familiar angst over the loss of neighborhood businesses to the ubiquitous bank branches and drug stores. read more »
The consumer technology boom, largely responsible for a resurgence in California’s economy after the tech wreck of 2001, seems to be coming to an end. The signs are widespread: slowing employment, layoffs from bell-weather social media companies, the almost embarrassing difficulty of finding buyers for Twitter, the absorption of Yahoo by Verizon and the acquisition by Microsoft of LinkedIn. read more »
What comes to mind when you think about Orange County? Probably, images of lascivious housewives and blonde surfers. And certainly, at least if you know your political history, crazed right-wing activists, riding around with anti-UN slogans on their bumpers in this county that served as a crucial birthplace of modern movement conservatism in the 1950s. 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 »
If you drive south from Dallas, or west from Houston, a subtle shift takes place. The monotonous, flat prairie that dominates much of Texas gives way to a landscape that rises and ebbs. read more »
Our mental model of the world shapes our behavior at fundamental levels in ways we often can’t even recognize. I was struck by this when reading two books almost back to back, Scott Adams’ How to Fail at Almost Everything and Still Win Big and Peter Thiel’s Zero to One.
Both authors lay out a schema for modeling the future and how to behave relative to it, but come to very different conclusions. read more »