A Vox explainer video tackles the rising cost of housing in the United States.
A Vox explainer video posted earlier this month documents the shortage of affordable housing in the United States. The premise of the video: that rent is more expensive, and homeownership is less attainable, in cities around the country—not just the usual expensive suspects, like San Francisco and New York City.
More than just raising the alarms about how expensive housing is becoming, the video attempts at explanation of how the housing market got this way.
Among the forces at work, the article identifies an imbalance of supply and demand.
On the demand side, the unprecedented size of the Millennial generation, which is aging into prime homebuying years, is adding demand to the market. Historically low mortgage rates also make it cheap to borrow money, which induces demand into the market.
On the supply side, the article looks at the rate of new residential construction, which is lower than any time in the United States since the 1960s. In particular, the construction of smaller entry level housing has declined from historic levels.
The main argument of the video is to identify the big obstacle standing in the way of achieving a balance of supply with demand: the various laws and regulations that make it illegal to build more housing. Single-family residential zoning, or exclusionary zoning, is identified as the primary obstacle. Other zoning regulations, namely height restrictions, parking requirements, and minimum lot sizes, are also named.
What We Really Mean When We Say Gentrification
The focus on gentrifying communities has, in many cases, eclipsed the similar problems facing more stagnant neighborhoods.
Study: Market-Rate Development Filters Into Naturally Occurring Affordable Housing
New research sheds new light on one of the most hotly debated questions in planning and development.
Why Tech-Utopian City Plans Fail
Like others before him, e-commerce billionaire Marc Lore wants to build the ideal city from scratch. Urban experts don't have much faith in his chances.
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.