As for offering free stuff, the problem that - if you look at relative population numbers - NY, CA, etc are already facing is that on the margin people he hopes will pay for it will just move away.
It’s been a truly exhausting election cycle for New Yorkers who have been lectured from all sides by people who don’t even understand how the city works.
In case of the cities you don't even need to move that far. I know multiple people in Seattle who just moved to nearby towns 105-15 minutes by car, 20-45 by transit) to avoid Seattle specific issues, and some people who move just outside of king county to avoid even more nonsense. Mostly techies, but not exclusively.
It's not like American cities haven't been hollowed out before, NYC included.
I'll also caveat that any parallels you might see in Seattle don't really apply to NYC. Besides the low car ownership rates, wealthy individuals choose to in NYC for it's convenience and culture, which really are unique in the US.
Switzerland has had rent control for a long time, and seems to have (rather successfully) avoided this economic basket case fate.
> are already facing is that on the margin people he hopes will pay for it will just move away.
This myth is promulgated constantly with no evidence to back it up. The tax increases he has proposed are a drop in the pond to the bracket he aims to tax. If those people care so little for the city, so be it, they can leave. I don't need to share communal space with people who want to live as atoms and don't actually care about the place they live beyond how it affects their bottom line. If they actually love NYC for the city it is, they will stay. The increases are not going to be untenable for those people, it all comes down to their priorities, and if they don't want to prioritize NYC, then yes, they should gtfo because they are characterless, tasteless people who only care about themselves and their money.
Rent is a predatory practice established over and above the supply of a basic need (housing) that does nothing more than extract profits for no productive contribution. If anything I'm incentivized to limit housing supply as a landlord in the limit because growing housing supply means competition for me as a landlord.
Why is owning a home important? I do not think that home ownership is what most people want. We have attempted to make this desirable at through state intervention by pitching housing as an investment instead of a durable good.
saying one of the many reasons rent is good “is not about rent” doesn’t mean there’s no clash in the argument.
All moving to an entirely ownership model would do is reduce elasticity of the housing market, which would be disastrous.
I think the issue with rent is that it just complicates the situation regardless and leads to bad power differentials, and again, I don't know how you prevent slumlords but permit renting.
The way I see it rent takes an inherently unproductive fact of life (occupancy) and makes it a profit mechanism. Now if we had something like old school English land improvement laws or something, you could have a system in which rent and home ownership are forced to be productive, but barring that, I don't see a way of doing it and thus rent mostly just seems to complicate the market and mostly drive up costs and potentially prevent the majority of people from owning.
I agree that elasticity reduction would be bad, but let's build more homes and reduce costs enough to make buying and selling homes not literally the biggest financial undertaking in life and this will be less of an issue. I just find it incredibly difficult to conceive of a scenario in which renting contributes benefits beyond those you could realize simply by solving actual demand and cost issues. If you get lucky and have a good landlord who actually takes care of home management for you, sure, but this is not the reality. I'd maybe accept a renting economy with strong regulations around what landlords must provide, reasonable caps on increases, maybe even required improvements every N years, but barring that, renting mostly just enables parasites to sit on property, scoop up more property, and prevent swaths of people from owning in neighborhoods.
I think this is a ridiculous statement. I don't know your background, but I grew up in extreme poverty (by Canadian standards). In the welfare complexes I lived in growing up, living in a home you owned seemed like an unattainable dream. The ability to choose between owning a home and renting a home is representative of a degree of economic freedom that is becoming unattainable for many, many people.
There is absolutely merit to the idea that choosing to rent is a good choice for many people, but in most cases the people who would make that choice are inclined to do so because they either desire or require mobility in terms of relocation, and frequently the reason people desire that is the opportunity to pursue better economic opportunities (jobs, investments, etc).
The amount of people I grew up with who viewed having a house as a way to become wealthy was large. Which is silly. (Real housing prices : median income) cannot continue to climb in a society that has decreasing population without some sort of external intervention. Poor people spending the entirety of their money on a house will be the ones left holding the bag, which is part of why it irks me so much.
They very often are, heck, the president himself is a real estate mogul. And most politicians own several homes each.
> I do not think that home ownership is what most people want.
It is, though.
Comparing to the real world, the cost of rent is greater than that, because people are paying a premium for their inaccess to capital. Looking at where I live, the hypothetical value is approximately the condo fees (5.5% interest, 1% property tax, 6-and-change% appreciation), which for a 2b2b apartment around around $600 bucks a month. Rent for an equivalent apartment literally next door is $2700 a month. That suggests that more than 75% of the value of rent is paying for inaccess to capital, i.e., textbook rentseeking.
What if we built some on spec and then charged people who live in them a monthly fee to recoup the cost. That way we could build more houses immediately without having to get all the money together all at once. We could then use the extra money to build even more houses.
Through... rent?
As for population e.g. https://www.brennancenter.org/our-work/analysis-opinion/how-...