Real estate bubble drives urban blight


#1

[Read the post]


#2

who the hell is Jane Jacobs?


#3

At least all those speculators still have to pay steep property taxes on their empty investment properties. Oh wait- no they don’t.


#4

The West Village’s unique identity made it one of the most valued real-estate spots in the world, which is why its bohemian tenants are being forced out

If a bohemian can afford the most-valued real estate in the world, they’re not a bohemian - they’re a billionaire.


#5

Jane Jacobs basically started the move from planning cities as motor corridors to places people actually want to be.


#6

Ive witnessed a similar situation occur, but not in a city. I grew up in a pretty rural area with lakes and wilderness only to watch it transform in two decades into condos and golf courses. The real estate prices sky rocketed, forests were clear cut, the algae blooms on the lakes. The place is totally different. Very sterile, there’s no community anymore, everyone is a stranger that comes around a month in the summer and then leaves. People moved up there for the serenity and small town feel and natural beauty but are destroying all that by doing so.

From what I understand the Amish in Lancaster PA are fleeing to Wisconsin because of a similar phenomenon.


#7

It’s the Yogi Berra phenomenon. A place becomes so popular no one goes there anymore.


#8

The Life and Death of Great American Cities and Dark Age Ahead are both really great reads. She’s had a goodly impact on urban planning in both countries; particularly in advocating for mixed-use/mixed-income neighbourhoods.


#9

No idea. Who the hell is Mark Jacobs?

(Or Marc Jacobs, for that matter…)


#11

Mark Jacobs versus Jane Jacobs

Points!


#12

Try reading the linked article to the second paragraph. Sheesh.


#13

I wonder whether land-value taxes stop this…?


#14

I live in Chicago, and have witnessed this same thing for the past 16 years.
Solution: Never, ever buy anything from a National or Chain store.
Certainly more expensive, but it is the only way to ensure the Unique Businesses stay in Business.
Otherwise, as noted in this article (which, to me, is an obscenely obvious accelerating occurrence) we will all eventually suffer culturally and then economically.
How many empty stores on Armitage and how many chain stores on Michigan Ave…?


#15

How long have you been pursuing this solution, and how’s it working out??


#16

I doubt this stops land speculation, which seems to be the underlying problem.


#17

This fairy tale story, of suppliers in perfect competition with each other in capitalist bliss… It simply doesn’t apply to real estate. Landlords are very quick to respond to rising market prices, oh, that part works as described. But when jobs get scarce and renters start moving away: the rents go down with glacial speeds. It’s a one way ratchet, really, unless you live in Detroit I guess.

It’s much like an over-exploited fishery: as the nets keep hunting the biggest, most profitable catch, the entire ecosystem degrades. Which results in even more rapacious behavior as these specialists try to work their niche harder and harder. Any change becomes impossuble short of complete collapse.


#18

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