The U.S. is running out of places for people to live. Rent is a bigger and bigger part of our cost of living. Here is an index of rental prices divided by median household income:
The Rent Is Too Darn High How average U.S. rent has changed relative to median income.
Lots of people have been wondering what to do about this problem. One proposed solution is to deregulate housing and encourage denser development. This is called the “market urbanism” approach, because it relies on deregulation -- though it would also certainly require big government investments in mass transit. Another term for this pro-density agenda is “Yimby,” an acronym standing for “yes, in my back yard.”A related approach is land-value taxation, also called the “Henry George tax,” after the 19th century economist who came up with the idea. This is basically just the idea of giving property tax exemptions for urban buildings -- a straightforward way to encourage density.But many people have been fighting these pro-density ideas. Some are probably afraid that more residents -- especially more poor residents -- will raise crime or lower property values. Others prize their open space and beautiful views, and fear the aesthetic effects of eliminating urban height restrictions. Still others believe that when new people move into city neighborhoods, it disrupts the traditional character and culture of these places. These anti-density approaches are often referred to as “Nimby,” for “not in my back yard.”
Nimbys often have another idea for how to lower rents -- kick industry out of their cities. Though this policy invariably ends up hurting the urban poor and working class, it is often painted as a “progressive” approach, especially in California. It also happens to be bad for regional and national productivity.San Francisco provides a cautionary tale. In the last decade, the city has been flooded with technology workers, pushing rents into the stratosphere -- a one-bedroom apartment costs around $3,500 a month to rent. Rent control is in effect, but that has just increased the incentive for evictions. Despite efforts by anti-eviction activists, the sheer size and persistence of the economic incentives involved are impossible to resist for long.
More here: http://www.bloomberg.com/view/articles/2016-08-02/san-francisco-progressives-declare-war-on-affordable-housing?cmpid%3D=socialflow-twitter-view&utm_campaign=socialflow-organic&utm_content=view&utm_medium=social&utm_source=twitter
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Hi! This post has a Flesch-Kincaid grade level of 12.9 and reading ease of 43%. This puts the writing level on par with academic journals.