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The simple fact that cities don't scale beyond a certain point is driving up prices.

• michaelochurch 12y ago
  Cities scale just fine. They become more efficient as you build up. That goes until you're at about 50 stories, which is more average height than most US cities by far (New York has a lot of prime real estate at 3-5 stories, such as in the Village). The problem is people. People usually fight against "ugly" new development and "Manhattanization" and change of all kinds, and while they make arguments based on urban beauty, they're really just trying to protect their obscene premiums on real estate by blocking new supply. I actually think urban home ownership makes no sense for most people. Ownership is about a sense of control. If you live in the woods and sit on an acre of land or two, you can be pretty sure that no one's going to block your morning sun, or set up a nightclub next door. Cities can't afford to grant those assurances. It's just better, from that standpoint, for most people to rent. Why make your primary investment something that another person with more power and more money can easily fuck up, just by buying space near it?