But resolving the housing crisis will require the government to become a housing developer.
of the New York City housing market by Xiaodi Li found that “for every 10% increase in the housing stock, rents decrease 1% and sales prices also decrease within 500 feet.”level.
It is true that we don’t actually know how large an impact full-bore YIMBYism could have on rents because no large metro area has legalized apartment buildings on the entirety of its land mass while repealing all unsound, development-discouraging regulations such as parking minima andrequirements. But we do know the private sector by itself will never provide adequate housing to our economy’s least fortunate.
From the standpoint of municipal governments, by contrast, the value of new housing does not hinge on its profitability. Such governments are also under no obligation to maximize the financial return on their investments. And they typically already own a lot of their city’s undeveloped land. Put these three traits together, and you get a case for city governments to get into the development game.
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