Building A Better City: Why Markets Are Our Best Architect

Via SchiffGold.com,

What if the key to solving our urban crises, such as housing shortages, traffic congestion, and wealth inequality, lies not in more government intervention, but in the principles of free-market economics? Market urbanism offers a bold vision for our cities, one that harnesses competition and individual choice to create livable, thriving environments. As traditional planning methods falter, it’s time to utilize market-driven solutions to reshape our urban landscapes for the better.

At its core, market urbanism posits that cities work best through bottom-up, private sector activity rather than centralized government planning.

This concept, rooted in classical liberal economic principles, offers a compelling alternative to the status quo of urban development.

One of the most pressing urban issues today is the shortage of affordable housing. Conventional wisdom often blames developers and market forces for rising home prices. However, a closer examination reveals that government regulations, particularly restrictive zoning laws, are the primary culprits behind housing unaffordability. These regulations limit housing supply, driving up costs and exacerbating inequality.

Market urbanism calls for a significant relaxation or even abolition of these restrictive zoning laws. By allowing developers to build more densely and flexibly, cities can increase housing supply and naturally bring down prices. This isn’t just theory – real-world data supports this approach. Metros known for their more permissive building regulations consistently show lower median home prices compared to heavily regulated markets.

For instance, Houston, known for its relatively lax zoning laws, issued 88.3 building permits per 10,000 residents in 2019. In contrast, New York City issued only 30.4 permits per 10,000 residents. Unsurprisingly, Houston’s median home price remains far more affordable than New York’s. This pattern holds true across multiple metro areas, demonstrating a clear correlation between building freedom and housing affordability.

Transportation is another area in dire need of overhaul. Instead of relying solely on government-planned and operated transit systems, market urbanists advocate for a more diverse, competitive transportation landscape. This could include private bus services, ride-sharing platforms, and market-priced road usage to reduce congestion.

The success of such approaches is evident in areas that have embraced market-oriented transportation policies. Cities that have implemented congestion pricing, such as London and Singapore, have seen reduced traffic and improved air quality.

Opponents of market urbanism typically raise concerns about equity and displacement. They argue that market-driven development could lead to gentrification and the displacement of low-income residents. However, the root cause of these issues is the artificial scarcity created by restrictive regulations. By allowing more housing to be built across all neighborhoods, cities can relieve pressure on existing affordable areas and provide more options for residents at all income levels.

Market urbanism doesn’t call for a complete absence of government involvement in urban development. Rather, it advocates for a shift in the role of government from top-down planner to a simple facilitator of market processes. Governing bodies should ensure the system runs smoothly through external controls, instead of inefficiently dictating every minute internal detail.

As we look to the future, the need for new approaches to urban development becomes more apparent. The United Nations projects that by 2050, 68% of the world’s population will live in urban areas. This urban growth will require cities to adapt quickly and efficiently to meet the needs of their residents.

Market urbanism offers a promising path forward. By harnessing the power of markets and individual choice, cities can become more responsive to the needs and preferences of their residents. This approach has the potential to create more affordable housing, efficient transportation systems, and better overall urban spaces.

As we grapple with the urban challenges of the 21st century, it’s clear that the old ways of centralized planning and restrictive regulations are no longer sufficient. However, implementing market urbanist policies will require overcoming entrenched interests and long-held beliefs about urban development. It will take politicians cutting long-held ties to companies and lobbyists in favor of seeing their cities thrive. By embracing this approach, we can create urban environments that truly serve the needs of all residents and form cities with a prosperous future.

Loading…


Originally Posted at; https://www.zerohedge.com//


Related Posts

What Ceasefire? ‘Heavy Clashes’ In South Lebanon As Beirut Buildings Leveled

What Ceasefire? ‘Heavy Clashes’ In South Lebanon As Beirut Buildings Leveled

Despite all the recent talk of a potential ceasefire between Hezbollah and Israel in the works, regional reports say that some of the fiercest ground fighting is currently taking place in southern Lebanon on Friday.

Heavy Israeli aerial bombardments of the southern suburbs of Beirut have also continued with intensity. On Friday an Israeli missile completely leveled a residential multi-story in the neighborhood of Chiyah. Israel’s military reportedly issued a civilian evacuation alert shortly before, and terrifying video from the scene suggests locals knew it was about to be struck.

In the south of Lebanon, near the border, UN peacekeeping forces say they are monitoring “heavy clashes” on Friday, saying most of the fighting is centered in the coastal town of Naqoura as well as the village of Chamaa.

There are also emerging reports which say four Italian soldiers were injured after two rockets hit a UNIFIL base in Chamaa. Italy’s deputy prime minister has said Hezbollah was likely behind the rocket firing: “There were believed to be two missiles, from what it appears, they are believed to have been launched by Hezbollah.”

Prime Minister Giorgia Meloni issued a statement of “deep indignation and concern” over “new attacks suffered by the Italian headquarters of UNIFIL in southern Lebanon.”

“These attacks are unacceptable,” she stated, adding that “the parties on the ground to guarantee, at all times, the safety of UNIFIL soldiers and to collaborate to quickly identify those responsible.”

“We are aware of heavy shelling in the vicinity of our bases,” UNIFIL spokesman Andrea Tenenti has said, saying that since the incident all UN troops appear to be safe “for the moment”.

Up until now, the UNIFIL has claimed its command posts came under attack by Israeli forces, including IDF tanks, several times. This appears to be the first time that Hezbollah fired on UN locations.

IDF forces earlier this week reached their deepest point into Lebanon since the ground invasion began, in the countryside vicinity of the port city of Tyre, which has been pummeled by airstrikes.

UNIFIL base (in the background) in Chamaa, Lebanon. Wiki Commons

Israel has repeatedly demanded that the UNIFIL troops withdraw – requests which have been refused. This puts the UNIFIL outposts in the direct line of fire as the war encircles their positions.

“UNIFIL strongly urges combating parties to avoid fighting next to its positions. Inviolability of UN premises and personnel must be respected at all times,” a Friday statement said.

Tyler Durden
Fri, 11/22/2024 – 18:00

Ukraine seeking new air-defence systems after latest Russian strike: Zelensky

Ukraine is asking its Western partners for updated air defence systems after Russia fired an ultra-fast ballistic missile at the city of Dnipro this week, President Volodymyr Zelensky said Friday. “Ukraine’s defence minister is already holding meetings with our partners on new air defence systems — exactly the kind of systems that can protect lives […]

The post Ukraine seeking new air-defence systems after latest Russian strike: Zelensky appeared first on Insider Paper.

You Missed

What Ceasefire? ‘Heavy Clashes’ In South Lebanon As Beirut Buildings Leveled

What Ceasefire? ‘Heavy Clashes’ In South Lebanon As Beirut Buildings Leveled

Ukraine seeking new air-defence systems after latest Russian strike: Zelensky

Ukraine seeking new air-defence systems after latest Russian strike: Zelensky

Trump Taps Pam Bondi for Attorney General Role After Matt Gaetz Withdraws

Trump Taps Pam Bondi for Attorney General Role After Matt Gaetz Withdraws

Utility Companies Are Not On Our Side

Utility Companies Are Not On Our Side

Yes Alexandria, No Means NO!

Yes Alexandria, No Means NO!

Russia says it needs migrants to fill labour shortage

Russia says it needs migrants to fill labour shortage