The Rent Is Too Damn High by Matthew Yglesias
My rating: 4 of 5 stars
Matt Yglesias is a young journalist, formerly with The Center for American Progress, who is now writing on the economy for Slate magazine. Anyone who has followed his recent reporting or Twitter feed is aware that one recent focus of his work has been the supply-limiting effects of needless regulation, and particularly building and zoning codes. Now, taking his lead from Jimmy McMillan, the recent joke candidate for New York Governor on “The Rent Is Too Damn High” ticket, Yglesias lays out his argument for increasing the supply of creating affordable housing in desirable locations by reducing or eliminating zoning and building requirements that distort the market.
Yglesias's targets include building height limitations, minimum lot size requirements, and parking requirements that subsidized car ownership. Yglesias argues that not only do these regulations force up housing prices, they also prevent cities from creating the dense, walkable neighborhoods that Boomers and Gen Xers want.
Think liberals are always trying to impose restrictive regulations on private enterprise? “The Rent Is Too Damn High” is a rebuttal of those claims. Concerned about the cost of housing and how the market can address the housing needs of your community? Then you should read this and start talking to your city's planning and zoning departments about what they're doing to fix things.
I used to live in a town where you could not get an occupancy permit for a new home if there was not a hard-wired light in every closet. You don’t actually need a light in a 3′ x 2.5′ space, but dozens upon dozens of little rules like that can make it impossible to build an affordable house. Imagine the extra cost for an electrician’s time to install an extra circuit in ever single closet in every room – bedrooms, hallways, bathrooms, basements. Don’t even ask about the wiring required in a kitchen….
Many regulations are absolutely necessary to human health and safety (yes, there must be a light over the stairs), but many are just designed to keep “them” out – whoever “they” may be.
How is “affordable housing” currently defined by the state, Jack?
I remember a discussion several years back that the definition of “affordability” was one of the problems; because builders persistently built to the maximum sellable value while still satisfying the letter of the law in order to qualify for incentives. Is that still the case?