Reply to upzoning: what will it really change?

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[quote=Anonymous]Why do people assume that if we build more housing prices will decline? That may be true in places like Iowa where the population is stagnant or shrinking. But experience shows that, in places like DC, the opposite is true. Just look at Navy Yard (or, really, any other neighborhood).

The more people you cram into a given area, the more attractive it becomes to businesses. Once restaurants and bars move in, because now there's enough people to support those businesses, then even more people want to live there. That drives up demand for housing and, with it, prices. That gives developers more reason to build even more, which creates economics of scale for an even wider array of businesses. Now, you not only have bars and restaurants, you have boutiques and bike shops and whatnot. That creates even more demand to live there, which drives up housing prices even more. It's an upward spiral that was triggered by the fact that lots of people were in a given area.

New York City would be cheaper if it was only single family homes because there wouldnt be enough people to support all the things that people currently move to NYC for. Broadway, for example, would vanish because there wouldnt be enough people in the area to make plays financially viable. Without all that stuff that is unique to NYC, the city would be a less attractive place to live -- it would much smaller and duller -- and housing prices would be much lower. [/quote]

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