A terrific new report by Joe Cortright for CEO’s for Cities finds that:
high gas prices are not only implicated in
the bursting of the housing bubble, but that the higher cost of
commuting has already re-shaped the landscape of real estate value
between cities and suburbs. Housing values are falling fastest in
distant suburban and exurban neighborhoods where affordability depended
directly on cheap gas.
The full report is here.
May 11th, 2008 at 11:01 pm
One unrelated corollary to this story and the re-rise of urban cores by creatives and professionals generally will be the resurgence of the urban school systems stemming from an new injection of students from homes of educated and high-earning parents. Also, the strain on transportation will diminish and we will be able to curtail the dumping of tax dollars into roadways to suburbia and the laying of new pavement (liabilities). Of course, our WORTHLESS politicians will gleefully assume credit for all of this even though their inept energy policies helped lead to the renewed surge or urban America. Perhaps, just perhaps, they’ll start paying attention to cities more in the near terms.
May 11th, 2008 at 11:02 pm
One unrelated corollary to this story and the re-rise of urban cores by creatives and professionals generally will be the resurgence of the urban school systems stemming from an new injection of students from homes of educated and high-earning parents. Also, the strain on transportation will diminish and we will be able to curtail the dumping of tax dollars into roadways to suburbia and the laying of new pavement (liabilities). Of course, our WORTHLESS politicians will gleefully assume credit for all of this even though their inept energy policies helped lead to the renewed surge or urban America. Perhaps, just perhaps, they’ll start paying attention to cities more in the near terms.
May 11th, 2008 at 11:39 pm
FYI, here’s a great article: http://bloomberg.com/news/marketsmag/mm_0608_story2.html
Talk about the creative class answering the call of duty. Can we nominate Bernake for President?? Somewhere out there, Hamilton is finally calling for a toast and Jefferson is looking for a “hiding corner”.