The housing dynamic in San Francisco raises the capital intensity of consumption. That contributes to an increase in the capital share of income and to the stock of wealth in the economy. Zoning restrictions are a tool of the oligarchy, effectively. I'm only one-fourth kidding. — The Economist
The author(s) examine the origins/causes of the growing housing/rent crisis in American cities, such as San Francisco.
h/t David Madden
1 Comment
Its true: without zoning restrictions I doubt there ever would have been a housing bubble. The financial industry bid up prices on property that is regulated to restrict the supply and tried to dump it at the peak. If it was possible to deflate prices by building more, this would have never happened.
A land value tax and lessening zoning restrictions would do wonders for the economy.
https://www.youtube.com/watch?v=7HZANYxnkWk
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