Draconian rules against apartment construction have made it nearly impossible in many large cities to keep up the population growth. All over the country, especially in coastal metros, existing residents have created laws against development.Tough love for tough times?
In San Francisco, for instance, it is essentially illegal to build apartment complexes in nearly half the city. Homeowners in the western half of the city have fought to keep neighborhoods from an influx of low-income and racially diverse residents, so they can preserve the growing market value of their two-story, single-family houses.
As a result, the median rent for an apartment has skyrocketed above $4000 a month, and less than 15% of existing residents can afford to purchase a home. HUD can play a vital role in stopping this anti-market behavior.
The department controls millions in funds for housing affordability, and has a legal discretion over how much it withholds from cities that deliberately hurt their own residents. Ben Carson should let liberal cities know that the federal government will not bail them out of a problem that the free-market can (mostly) solve.
Thursday, December 08, 2016
The Doctor's Cure
How Ben Carson can be for their own good:
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