Dear Californian elites, It's time to talk about something you don't believe can happen to you, and that's urban decay. It has many causes, plenty more proxima

Dear Californian elites, It's time to talk about something you don't believe can happen to you, and that's urban decay. It has many causes, plenty more proximate than this one, but the first is the economic stickiness (technical term) of housing prices. People don't sell in a down market. They hoard. This price:liquidity correlation is toxic. Creating new housing (which requires regulatory change) is the only way. If you don't take care of the poverty caused by the high housing prices, if you laugh it off as "not our problem", your city will not reach maturity but fall into urban decay and it will take decades for your municipality to recover both from the physical damage and disenfranchisement, but also from the damage to reputation. Sincerely, Chicago, Detroit, Philadelphia, Baltimore, Pittsburgh, D.C., Minneapolis, Atlanta, et al.