differences of income, liberal markets tend to have higher income inequality and worse affordability,” Kolko said. Kolkos theory isnt an outlier. There is a deep literature tying liberal residents to illiberal housing policies that create affordability crunches for the middle class. In 2010, UCLA economist Matthew Kahn published a study of California cities, which found that liberal metros issued fewer new housing permits. The correlation held over time: As California cities became more liberal, he said, they built fewer homes. All homeowners have an incentive to stop new housing, Kahn told me, because if developers build too many homes, prices fall, and housing is many families main asset. But in cities with many Democrats and Green Party members, environmental concerns might also be a factor. The movement might be too eager to preserve the past.
Posted on: Thu, 30 Oct 2014 12:42:36 +0000
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