Interesting article today in the WSJ (The Myth of the Back-to-the-City Migration) about the “strength” of the condo market. I really like the perspective – urban planning is more than providing hip glitz close to the heart of the city.
The condo bust should provide a cautionary tale for developers, planners and the urban political class, particularly those political “progressives” who favor using regulatory and fiscal tools to promote urban densification. It is simply delusional to try forcing a market beyond proven demand.
Though the article speaks to city core revitalization, market demand often seems to be forgotten in many new developments.
Rather than ignore consumer choice, cities and suburbs need to focus on basic tasks like creating jobs, improving schools, developing cultural amenities and promoting public safety. It is these more mundane steps—not utopian theory or regulatory diktats—that ultimately make successful communities.
Couldn’t have summed it up better myself. Nice work Joel Kotkin.
posted by Andy Sengeorge