The reality is cities are insolvent because of decades of tax breaks for businesses and the stagnant wages of the middle class.
The reality is cities are insolvent because of decades of tax breaks for businesses and the stagnant wages of the middle class.
The model of development that gets us out of this mess probably is one of much greater density + changes in accounting practices.
Really Narrow Streets
Unfortunately most North American local government has a savagely visceral hatred of that idea.
Full disclosure I stole this idea from [0].
[0] http://www.newworldeconomics.com/archives/2006/032606.htm
Surely it would help, then? The entire point of the article is that local governments built infrastructure that isn't worth paying for, and paid too much for it, because of bad planning/misaligned incentives.
If towns were fully privatised then there'd be no assumption of government bailouts, and towns that overbuilt would go bankrupt and be abandoned/eventually bulldozed. In practice governments are rarely willing to let that happen. Even in the case of Detroit it was bailed out.
If I had to sum it up, it might be something like 'traditional development patterns', akin to what you saw in pre-WWII cities in the US, and much of Europe. More walking, and biking. There's a lot to like for a lefty like me.
Yes, wages are stagnant. Why is that? Taxes too high perhaps?
Real estate developers and real estate agents run most cities. They are always looking out for their own interests and damn the future consequences. The biggest problem with real estate people is their average IQ is so low.
Maybe, but urban densification is a very left wing thing.