If the housing crisis is caused by low-density rich neighborhoods blocking redevelopment of themselves (as seems the consensus on the internet now), could it be solved by developers buying out an entire neighborhood or even town in one swoop? It’d require a ton of money, but redevelopment would bring even more money, so it could be win-win for everyone. Does it not happen only due to coordination difficulties?
Flannery wants to build a new city in California and has already bought almost a billion worth of land for it. Solano County where the land is located has a so-called “Orderly Growth Measure” saying that new building should happen in existing cities and not on empty land. In order to start building at all, they have to win a referendum granting an exemption.
If the housing crisis is caused by low-density rich neighborhoods blocking redevelopment of themselves (as seems the consensus on the internet now), could it be solved by developers buying out an entire neighborhood or even town in one swoop? It’d require a ton of money, but redevelopment would bring even more money, so it could be win-win for everyone. Does it not happen only due to coordination difficulties?
It’s not just blocking redevelopments of themselves. It’s blocking almost all development almost everywhere.
As an example—take a look at Scott’s Alexander writing about California Forever/Flannery.
Flannery wants to build a new city in California and has already bought almost a billion worth of land for it. Solano County where the land is located has a so-called “Orderly Growth Measure” saying that new building should happen in existing cities and not on empty land. In order to start building at all, they have to win a referendum granting an exemption.
Wow, it’s worse than I thought. Maybe the housing problem is “government-complete” and resists all lower level attempts to solve it.