One common argument against building new housing is that new construction will never reduce housing costs, because the influx of ultra-rich people into high-cost cities creates an insatiable level of demand.I recently found a source of information that may be relevant to this argument: the … [Read more...]
Why No Micro-Apartments in Chicago?
Several cities have jumped on the bandwagon of building Micro-apartments, a hot trend in apartment development. San Francisco and Seattle already have them. New York outlawed them, but is testing them on one project, and may legalize them again. Even developers in smaller cities like … [Read more...]
Supply-And-Demand Denial And Climate Change Denial
I have criticized the idea that the law of supply and demand no longer applies to big-city housing (or, as I call it, supply-and-demand denialism, or "SDD" for short). It just occurred to me that there are a few similarities between supply-and-demand denialists and those who deny climate change. To … [Read more...]
So Much For The Foreign Oligarchs
One common argument against new housing in high-cost cities is that the rise of global capitalism makes demand for urban housing essentially unlimited: if new apartments in Manhattan or San Francisco are built, they will be taken over by foreign billionaires in quest of American real estate, who … [Read more...]
Rent Control Is Bad For Both Landlords And Tenants
When laypeople hear the phrase “rent control”, they typically conjure up one of a few images. Tenants imagine easy street, a world where housing is ridiculously low cost. Maybe they think of rent control in NYC, where they saw the characters from Friends live in large apartments for far below market … [Read more...]
Liberate the Garage!: Autonomous Cars and the American Dream
When it comes to the impact autonomous cars will have on cities, there’s plenty of room for disagreement. Will they increase or decrease urban densities? Will they help with congestion or make it worse? At the same time, there seems to be widespread agreement on at least two things: First, far fewer … [Read more...]
Economist David Friedman Says India Must Go Taller To Make Homes Affordable
In this exclusive interview to PropGuide, legendary economist David Friedman, who studied at Harvard University and University of Chicago, says that the government should allow developers to build high-rises to make homes affordable for everyone by 2022.I met David Friedman at Starbucks in … [Read more...]
Return to Sender: Housing affordability and the shipping container non-solution
Washington, D.C. has a monopoly on many things. Bad policy, unfortunately, isn’t among them. Last month, a development corporation in Lexington, Kentucky installed a shipping container house in an economically distressed area of town to improve housing affordability. The corporation is a private … [Read more...]