Solid curation, the CoStar housing data is particualrly sharp because it directly contradicts what most urbanists assume about luxury development. The correlation between construction volume and rent declines is basically empirical proof that supply actually matters, which sounds obvious but gets buried under NIMBYism constantly. I remmeber when Austin started allowing more highrises everyone said it'd just make things worse. Turns out filtering theory actually works when you let markets do their thing.
I appreciate the optimistic news you provide. But I recently moved out of the Phoenix metro area because the quality of life in the city has significantly deteriorated over the past 10 years. Yes, a lot more apartments have been built. Some say overbuilt. An abundance of less expensive housing has brought an influx of people from Southern California, reducing the quality of life in Phoenix. Phoenix isn't as nice as it used to be, and that's a significant reason rental prices have gone down.
No surprise at the falling rents in cities that actually build housing. Our cities should be colossal. Bigger cities lead to better scaling laws.
Infrastructure inputs like road length, fiber optic cable length, piping, etc growth sub-linearly with population size. Outputs, meanwhile, like GDP, average incomes, patents, etc. grow super-linearly with population. This means that as a city grows, it makes better and better use of human and economic capital.
That’s the deeper problem with unaffordable housing. When we restrict housing supply, prices rise, constricting our ability to leverage these scaling laws in our favor.
This means everyone, including and especially those living within the city, is left poorer.
Solid curation, the CoStar housing data is particualrly sharp because it directly contradicts what most urbanists assume about luxury development. The correlation between construction volume and rent declines is basically empirical proof that supply actually matters, which sounds obvious but gets buried under NIMBYism constantly. I remmeber when Austin started allowing more highrises everyone said it'd just make things worse. Turns out filtering theory actually works when you let markets do their thing.
I appreciate the optimistic news you provide. But I recently moved out of the Phoenix metro area because the quality of life in the city has significantly deteriorated over the past 10 years. Yes, a lot more apartments have been built. Some say overbuilt. An abundance of less expensive housing has brought an influx of people from Southern California, reducing the quality of life in Phoenix. Phoenix isn't as nice as it used to be, and that's a significant reason rental prices have gone down.
tell trump about the decrease in crime
No surprise at the falling rents in cities that actually build housing. Our cities should be colossal. Bigger cities lead to better scaling laws.
Infrastructure inputs like road length, fiber optic cable length, piping, etc growth sub-linearly with population size. Outputs, meanwhile, like GDP, average incomes, patents, etc. grow super-linearly with population. This means that as a city grows, it makes better and better use of human and economic capital.
That’s the deeper problem with unaffordable housing. When we restrict housing supply, prices rise, constricting our ability to leverage these scaling laws in our favor.
This means everyone, including and especially those living within the city, is left poorer.