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What happens if building more housing doesn’t work?

In the 21st century economy, with its heavy emphasis on creative, professional, digital and financial work, much of our economic bounty gets concentrated in a select number of superstar cities: Both obvious ones like New York, SF and LA, and also smaller trendy ones like Denver, Austin, pick your favourite. To put it in Richard Florida Creative Class terms, any of these careers where your job is the creation of new forms of something – art, business, law, design, whatever – will benefit disproportionately from being around other people who are going similar things. 

Understandably, there’s great demand to live in these cities: there are good jobs there, and they’re where you can find a certain kind of “good life” we’ll pay a premium for. In select superstar cities, you increasingly need a six-figure annual salary in order to make market rate rent, which most people don’t earn. So, many people are priced out of ever being able to afford a place to live unless they make some real sacrifice that they wouldn’t have to elsewhere: either living somewhere very small or with multiple roommates, or living very far away and enduring a multi-hour commute every day……

What do you think?

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Posted by miceage


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