“It looks unlikely that New York will return to its old version of normal. The question now is how the city might advance to a better one.”
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Can Midtown be converted into a place to live? econ.st/3Zf1tFn
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Richard Florida
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In a week, New York has gone from lagging way behind California in terms of YIMBY legislation to potentially leading the pack.
I talked to experts who feel upbeat about the Adams 🤝 Hochul get-stuff-built platforms — as well as people who see it as defeat
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Phil Longman’s essay in the latest issue of will probably do more to change how you think about the economy—and to clue you in on coming big moves by the Biden administration--than any piece you've read in a long time. /1
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Nails it.
"Florida is underwater demographically. Most of those flocking there are aging boomers with deep pockets ... All of the new arrivals have contributed to a growing unaffordability crisis in Florida."
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Industrialization is driven by rural places.
Intriguing new study by , , and Michael Peters "Sprouting Cities: How Rural America Industrialized"
fpeckert.me/ejp_wp.pdf
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A critical piece of information you probably have not seen:
Manhattan is GAINING population. We are up 3.9% compared to pre-pandemic.
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For all the talk of mass exodus & economic decline "it is interesting that the nation’s biggest gains in real per capita incomes between 2019 to 2021 were to be found around and near the San Francisco Bay."
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Cheer up everybody! America is actually doing pretty well.
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One thing that really stands out to me that’s probably not getting sufficient attention is how Elon has politicized Tesla alongside his Twitter antics. Owning a Tesla now feels like part of the culture war for precisely the wealthy climate-conscious demo that he most needs.
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Tesla slashes prices up to 20%. $13K Model Y cut means base model now qualifies for $7500 tax credit. bloomberg.com/news/articles/
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This caught my eye: High rises for families ...
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I wrote an article about Northern Liberties, a neighborhood that has grown continuously since the late 1990s and saw over 5,200 new homes permitted since 2019 inquirer.com/real-estate/no
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No surprise on this one: Toronto traffic is just awful.
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Toronto ranks one of the worst worldwide for traffic congestion, report finds.
Commuters in the city lost an average of 118 hours in 2022 due to traffic, according to the findings from the traffic data company Inrix. trib.al/dw8zxCg
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If you believed in a housing bubble in 2007, why not today?
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The NYC Pizza Index …
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Starting in 2014, I logged the price of every slice of pizza I ate in NYC. Almost 500 slices later, the results are in. Check it out here: elkue.com/nyc-slice/
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Yesterday, a federal judge terminated the naming rights agreement for the FTX Arena. I join the Miami HEAT in issuing the following statement.
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#NEW Goldman Sachs says the following housing markets will see home prices fall by more than 10% in 2023: Austin, San Francisco, San Diego, Phoenix, Denver, Seattle, Tampa, Las Vegas, Portland, and Dallas.
GS expects home prices to RISE in Miami.
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This week at the Detroit Policy Conference, civic and business leaders said Downtown #Detroit is making a strong comeback out of the pandemic.
STORY: cbsnews.com/detroit/news/l
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Inflation is on its back heels. Consumer price inflation for December couldn’t have been much better, slowing to 6.5% year-over-year. The peak was 9% last June. It’s still a long way to back to the Fed’s inflation target, which for CPI is 2.5%. But it’s well on its’ way.
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When I look at this top most co heated city rankings, I see London and paris which have done amazing work to produce quality multi-modal commutes. Maybe it is time to stop measuring the status of this one mode,car, and examine avg length of trip all modes
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I'm quoted in this article by but Eric Miller really says it best. Developing in the greenbelt "it’s just about as bad and dumb as you can do".
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Housing (owned + rented) continues to be the largest contributor to inflation. It accounts for nearly 28.3% of inflation!
Expect:
- Overall inflation to decline further (slowly)
- Housing's share to stay largest
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Recently told me: "Affordability has evaporated, and with it, housing demand."
He is right.
Pressurized affordability—a 3 percentage point mortgage rate shock following a +40% run up in U.S. home prices—has sent a shock wave through the U.S. housing market.
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KB Home—one of the nation’s largest homebuilders—reports a 68% cancellation rate for Q4 2022.
That’s up from a 13% cancellation rate in Q4 2021.
via ’s earnings report
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BREAKING: the just certified the Amazon Labor Union. Amazon is now under a legal obligation to bargain with the ALU, nine months after workers at JFK8 first won their election.
nlrb.gov/case/29-RC-288
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“My parents] complained [about the guitar], but they didn’t stop me … I suppose they thought, ‘If he’s got the guitar, he’s not going out stealing.”
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The six stringed Warrior is no longer here for us to admire the spell he could weave around our mortal emotions. Jeff could channel music from the ethereal.
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So sad to hear that Jeff Beck has passed away. Love this performance of him and Stevie Wonder. I think I read that Stevie wrote "Superstition" for Jeff Beck or did they write it together. Nevertheless, this is too good.
youtube.com/watch?v=_zz1Rz via
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Jeff Beck was on another planet . He took me and Ronnie Wood to the USA in the late 60s in his band the Jeff Beck Group
and we haven’t looked back since .
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RIP. One of the greatest and most original rock guitarists of all time. Huge influence on my childhood.
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Is Detroit fixing to be the biggest US jurisdiction with a split rate land value tax?
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Please, if you are so inclined to help Blake's grieving family, it would mean a lot to me personally.
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This is fine.
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When we started Substack, we couldn't get the Twitter handle. Still, people tweet at that handle thinking it's all the time.
Now it is unoccupied. Does anyone know how we might grab it?
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If you have a remembrance of that you would like to share, please reach out to me at rlizza@politico.com
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RIP. I worked with Blake numerous times. He was a great thinker and brilliant editor. My heart goes out to his family and esp his father David the incomparable business/economic historian who was my colleague at Carnegie Mellon.
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I am so shocked and so sad to hear about the tragic death of Blake Hounshell (@NYTBlake @blakehounshell.) I met him in Cairo when I was 22, on the day I got my very first newspaper job. I was excited when he joined The Times and wish I’d spent more time hanging out with him here.
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“Manhattan is now undergoing something of a downtown renaissance …”
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