The popular narrative about younger generations aging and leaving urban centers is presented as inevitable. But most news stories fail to examine why many younger people are taking up residence in suburbia—or whether or not the suburbs they’re choosing have more in common with cities or the exurbs their parents preferred. Perhaps their move to the suburbs is more a product of constrained housing supply that leaves them with little choice but to decamp as they grow.
The following op-ed was crossposted from Roll Call.
President Barack Obama and Federal Reserve Chairman Ben Bernanke seem enamored with renting foreclosed properties to blunt price decreases and to stir economic recovery, but that’s a bandage for symptoms as opposed to a real cure.
Instead, we need to learn from the problems that landed us in this mess in the first place, working to bring government policies in line with good business sense and to incentivize market-driven development.
Or, in the words of investor Warren Buffett, “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”
Cross-posted from our coalition member Empire State Future.
Throughout New York State demand for downtown living continues to expand as baby boomers are ditching the cul-de-sac and generation X and Y are re-envisioning their American Dream. The change in consumer preference has already driven a million people to the “City that Never Sleeps”, New York City, since 1990, with another million New Yorkers expected by 2035. As people continue to find the value and livability of urban living in New York City and many of New York State’s 61 smaller cities, reuse of existing commercial and industrial structures as well as infill development on abandoned and vacant lots will play a role in serving the increasing demand for residential units.
As each state-commissioned Regional Economic Development Council releases their strategic plans, major calls for smart growth are materializing. This is advantageous for numerous developers who have already made the transition to building residential properties in existing downtowns and on or near main streets. Over the next few weeks ESF is going to highlight a few of these projects from across the state to show what New York’s cities will have to offer in the years to come.