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The un-building of un-growing cities: Part 1, condemning the unsalvageable

9 November, 2011 (11:47) | Cities, Cleveland, Demolition, Foreclosure, Homeownership, Housing, Innovations, Litigation, Rehab, US News |

By: David A. Smith   Counterintuitive as it may seem, property can have negative value – yet when it does, by itself it does not vanish.    [Cleveland photographs from the Washington Post article – Ed.] Photo credits – Michael S. Williamson / The Washington Post A house on Pontiac Street in the Cleveland area, […]

A waste of a perfectly good betrayal

8 November, 2011 (10:56) | Capital markets, Credit event, Eurozone, Global news, Greece, Law, Markets, Regulation, Speculation |

By:David A. Smith   Tell me honestly: if you intended to betray everything you had espoused for decades for the sake of selfish expedience, you’d want to get something really valuable for it, wouldn’t you?   But your immortal soul’s not worth very much, Herr Faust   You wouldn’t trade it for a few days’ […]

With a thud

7 November, 2011 (11:11) | China, Economics, Global news, Housing, Markets |

By: David A. Smith   To all the global troubles, now we must evidently add the long-anticipated popping of the Chinese real estate bubble.   A group of homebuyers demanding a refund protested at a sales office of developer China Overseas Property in Shanghai as home prices at one of its projects were cut by […]

Emotional incumbency: Part 2, reasons we like staying

4 November, 2011 (11:17) | Apartments, Cities, Homeownership, Improvability, Moving, New York City, Psychology, Rent control, Rental, US News |

[Continued from yesterday’s Part 1.]   By:David A. Smith   Yesterday’s post on people who lived an extremely long time in a single apartment, taken from this picaresque New York Times article, identified three reasons that people dislike leaving their nest: the hassle of moving, the loss of (often undeserved) rent bargain, and anxiety about […]

Emotional incumbency: Part 1, reasons we dislike leaving

3 November, 2011 (09:00) | Apartments, Cities, Homeownership, Improvability, Moving, New York City, Psychology, Rent control, Rental, US News |

By: David A. Smith   A part of each of us is lazy.  Another part of us loves the familiar, simply because we know it well – and so we stay in one place much longer than a perfectly rational economist would have us do, through thick and thin, as profiled in this picaresque New […]