Developing Affordable Housing Ecosystems World Wide
[Continued from Part 1 and Part 2.]
Why should the public have a voice?
In political terms, scale. That many affected neighbors means that many voters, and for political survival, voters must be heard.
Imagine if we all voted!
What’s the antidote to anti-development voters? Pro-development voters. Developer Ratner has found them [...]
[Continued from yesterday's Part 1.]
What does the public get for Atlantic Yards?
Affordable housing:
Ratner is building subsidized housing in a city where there’s a cruel 3% vacancy rate.
“Let them eat rent stabilization!”
Increased real estate taxes:
He’s forecasting $1.5 billion in new tax revenues for the city [net present value over 30 [...]
If Sun Tzu did not observe that strategy in war consists of creating a battlefield of grossly unequal forces, he should have ….
“I never said all the things I said.”
In his push to make Atlantic Yards a reality, Bruce Ratner has crafted the most sophisticated political campaign the city has seen in a [...]
[Continued from part 1]
3. Home builders stop building new. Land prices drop. Well documented is the preternatural sensitivity of home builders — if they have not gone in the ground on a new property, they can stop almost immediately, and simply hold the land in inventory. As the Wall Street Journal sonorously intoned last July:
Already [...]
Predicting gloom is great fun, and it sells newspapers, so throughout 2006 we have had breathless dire predictions of impending home-price crash — yet nothing of the sort has occurred. The reasons illustrate why the homeownership ecosystem is so resistant to price drops. Aside from the elasticity of housing demand, homeownership markets have [...]
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