“NIMBY has delayed, killed, or inflated the expenses of more than 500 projects nationwide over the last decade at a cost to the economy of more than $1 trillion annually…” FORBES conservatively estimates. Lower housing costs could add billions to the economy while providing much-needed affordable houses for the millennials and older members of our society.
- High housing costs make it hard for companies in high-cost areas to attract workers
- High housing costs make it hard for millennials to find starter homes
- Housing restrictions cost the American economy tens of billions of dollars per year
As the US economy grows, urban planners and cities must develop a framework based on the best historic and economic practices, and a reasonable assessment of emerging transportation and information technologies. This would allow for sustainable growth in the most productive metropolitan areas, as well as burgeoning regions like the sunbelt. Green Cities; The City of San Francisco
Economists Hsieh and Moretti contend that simply moving workers to high productivity regions would expand the economy by $1 trillion dollars (over 5 percent, or $3,000 per capita).
NIMBYs are costing the US economy billions.
“If housing wasn’t so expensive in coastal cities, a lot more people would move to New York, Washington, Boston, Seattle, and the San Francisco Bay Area. The data suggests that — even after controlling for factors such as education — workers in these cities are more productive than in other metropolitan areas. The study doesn’t try to explain these productivity differences, but possible explanations include better infrastructure, opportunities to learn new skills, and a culture that encourages entrepreneurship.”
Establishing a framework of both economic and ecological measured benefit would cut through the miles of regulatory red tape by demonstrating environmental progress in tandem with development.
