The Manhattan midtown skyline is in the background as cars move along the Queensboro bridge and a train rides by the Queensboro Plaza Station in the Queens borough of New York on April 1.In the 1960s, North American cities experienced a popular revolt against development. It happened with good reason. It addressed a real problem.
The top-down revolutionaries of postwar “progress” aimed to remake the city through zoning. The bottom-up, anti-development, counter-revolutionaries defeated them – but instead of paring back zoning, they added volumes of new rules to roadblock growth. It also delivered another bad outcome. It was hard to see, and all the more insidious: lower economic growth.
But that hasn’t happened. Even as California became the global centre of a booming tech industry, population growth slowed and eventually went into reverse. The state’s gross domestic product per capita is well above the U.S. average, yet in recent years its population has shrunk.“The constraints on housing supply in the most productive U.S. cities,” Mr. Hsieh and Mr. Moretti write, “effectively limit the number of workers who have access to such high productivity.
Source: Real Estate Daily Report (realestatedailyreport.net)
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