Development that depends on subsidies is not fostering true growth and instead is a financial house of cards.
"Most cities and towns in North America are functionally insolvent. This is not hyperbole. It comes down to a simple question: Is new development producing enough wealth to fund the long-term maintenance of its own infrastructure—let alone public safety and all the other services that we expect government to provide?" asks Charles L. Marohn, Jr.
The answer is no, he says, because growth and productive growth are not the same thing. In car-centric cities, tremendous amounts of money are poured into streets, parking, and other infrastructure, but the return on investment is low. One example is big-box retail, where the financial productivity of properties, measured as value per acre, is generally dismal compared to more robust downtown, mixed-use developments.
He suggests that municipalities focus on strategies that foster creative reuse and redevelopment instead of development patterns that require huge subsidies. "America needs to step off the kinetic growth treadmill and embrace an approach that truly builds wealth and serves our citizens. We need to shift to a bottom-up approach for building our cities, one freed from the pressures of national growth targets."
FULL STORY: Opinion: This ‘Ponzi scheme’ surrounding development leaves most cities and towns functionally insolvent
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Universal City TX
ULI Northwest Arkansas
Town of Zionsville
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