Can We Safely Deflate the Housing Bubble?

The hyper-inflated housing market needs to cool, not collapse.

"The 70-year period that began with the widespread diffusion of the automobile—during which one could get nearly anywhere in a typical metropolitan area in half an hour or less—is over. Before there was widespread automobile ownership, land prices depended on location, and proximity to the central city or to the local railroad station carried a premium.

"Now, with serious congestion slowing traffic in major cities to a crawl, the land gradient in housing prices is steep once again. Perhaps this steepening of the location gradient could be delayed for a decade if we were willing to shift to denser residential patterns. We could, for example, tear down San Francisco’s row houses and replace them with buildings more like those of New York’s Upper West Side. But we aren’t willing to do that."

Thanks to Michael Dudley

Full Story: Pricking The Bubble

Comments

Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

New! 4th Edition of the Planetizen Guide to Graduate Urban Planning Programs just released.
Starting at $24.95

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $209
Book cover of Where Things Are from Near to Far

Where Things Are From Near to Far

This engaging children's book about planning illustrates that "every building has its place."
$19.95
T-shirt with map of Chicago

Show your city pride

Men's Ultrasoft CityFabric© tees. Six cities available.
$23.00