Smith is overthinking this and is wrong about the political economy of removing the obstacles to greater housing and commercial real estate development. The NIMBY who opposed the redevelopment of the "historic" strip mall three blocks over into low rise condominiums is not fighting to preserve the resale value of their house. They are afraid of more competition for the "free" parking in from of their house even if resale value rises. Visible certain concentrated costs vs invisible uncertain, diffuse benefits.
If Ward 3 of WDC allowed 60,000,000 sq ft of new development (20,000 * 3000 sq ft) the housing prices that fall will not be in Ward 3 but in SF or NYC or somewhere development is more constrained.
"Job owning" is a wonderfully apropos mis-translation of what I assume was "jawboning".
On Zakaria a Liberalism, I'll wait for the transcripts.
It's worse than Santayana said. Its MISremebering.
Smith is overthinking this and is wrong about the political economy of removing the obstacles to greater housing and commercial real estate development. The NIMBY who opposed the redevelopment of the "historic" strip mall three blocks over into low rise condominiums is not fighting to preserve the resale value of their house. They are afraid of more competition for the "free" parking in from of their house even if resale value rises. Visible certain concentrated costs vs invisible uncertain, diffuse benefits.
If Ward 3 of WDC allowed 60,000,000 sq ft of new development (20,000 * 3000 sq ft) the housing prices that fall will not be in Ward 3 but in SF or NYC or somewhere development is more constrained.