The Census results are out for Illinois, and it's bad news for the city of Chicago, whose population plunged by over 200,000 people to 2,695,598, its lowest population since before 1920. This fell far short of what would have been predicted given the 2009 estimate of 2,851,268. It's a huge negative surprise of over 150,000, though perhaps one that should have been anticipated given the unexpectedly weak numbers for the state as a whole that were released in December. read more »
The White House remedies for the mortgage meltdown were presented on Friday. Congress will debate the life extension, death, or rebirth of federal mortgage entities Fannie Mae and Freddie Mac during the coming weeks.
When the noise has died down, don't expect substantial change. But those who hope for genuine financial reform should, nonetheless, listen carefully not only to what Washington says, but to whom it says it. read more »
Throughout much of history, cities have served as incubators for upward mobility. A great city, wrote René Descartes in the 17th century, was “an inventory of the possible,” a place where people could lift their families out of poverty and create new futures. In his time, Amsterdam was that city, not just for ambitious Dutch peasants and artisans but for people from all over Europe. Today, many of the world’s largest cities, in both the developed and the developing world, are failing to serve this aspirational function. read more »
The sensationalist reporting of rising China tends to celebrate the country’s ascent. But there is one area where both economists and casual observers see a potential disaster: the real estate market. Media reports of skyrocketing housing prices in first tier cities like Beijing and Shanghai and photo essays of Chinese ‘ghost cities’ inject sober skepticism into the otherwise bewildering reality of rapid growth. read more »
Given that no one likes Switzerland’s banks, coo-coo clocks, high prices, smugness, dull cities, cheesy foods, or yodeling, I realize that it is too early to speak politically about “the Swiss Model.” But it needs to be pointed out that while the European Union evaporates and Homeland America goes for broke, the world’s second oldest democracy (1291) has trade and budget surpluses, a multi-lingual population, a green network of trains and buses to every village, excellent public schools, and a federal-style government that is closer to Thomas Jefferson’s America than the bureaucrati read more »
One of the news stories circling lately is an interview with Andres Duany where he asserts that public participation requirements are too onerous to enable great work to be done. Early in my career I worked as a public historian and historic preservation specialist, so rather than launch immediately into my opinion, let me tell you a true story. read more »
For a decade now U.S. city planners have obsessively pursued college graduates, adopting policies to make their cities more like dense hot spots such as New York, to which the "brains" allegedly flock.
But in the past 10 years "hip and cool" places like New York have suffered high levels of domestic outmigration. Some boosters rationalize this by saying the U.S. is undergoing a "bipolar migration"--an argument recently laid out by Derek Thompson in The Atlantic. read more »
In a technical sense, the economy has been in recovery since June of 2009. A year and a half into the rebound though, a general cloud of economic malaise continues to cover the nation. Fears of a diminished America are perpetuated from our political and punditry classes. We are told that our collective lack of preparation, education, innovation, industry, and of infrastructure are all setting us up to fall further. Economic indicators may reflect a bounce-back, but structurally, America is waning. It is China that is increasingly emerging as the world’s bright spot in terms of development. read more »
There is mounting concern in Australia about the nature and extent of country’s housing affordability crisis. Expressions of distress are not limited to the middle income households who are locked out of the Great Australian Dream of home ownership. There is heightened interest from advocates of low income households and an opposition political party. Moreover, Australia's overvalued housing is receiving renewed attention in international circles. read more »
I am Singaporean, with a half-Indian, half-Eurasian father; a half-Pakistani, half-Malay mother. Dad converted to Islam from Roman Catholicism; each year my brothers and I celebrate Eid ful Fitr, Eid ul Adha and Christmas with different parts of our family. Cousins, aunts and uncles have married outside their ethnicity and faith – to Chinese Christians and Indian Hindus – so the Lunar New Year and Deepavali, the South Indian “Festival of Lights”, are also bustling times. read more »