Edward L. Glaeser says that historic preservation is preserving countless undeserving structures in New York, which is keeping new buildings and affordable housing from getting built.
Glaeser tracks the history of historic preservation in Manhattan, and concludes that while it is wise to protect a city's history but extensive preservation keeps housing expensive.
Glaeser: "Not counting parks, southern Manhattan contains about 7,700 acres of potentially buildable area. Today, nearly 16 percent of that land is in historic districts and therefore subject to the commission's authority. This preservation is freezing large tracts of land, rendering them unable to accommodate the thousands of people who would like to live in Manhattan but can't afford to."
FULL STORY: Preservation Follies
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