Broken City: Land Speculation, Inequality, and Urban Crisis

Urban housing and land now account for half of global wealth due to speculation and runaway housing costs, with investors extracting wealth from cities. Patrick Condon proposes strategies to shift land back to the common good.

Format: Paperback / softback
Length: 274 pages
Publication date: 15 May 2024
Publisher: University of British Columbia Press

Urban housing and the land beneath it have become increasingly valuable assets in recent years, accounting for half of all global wealth. This has led to a global housing crisis, with land prices increasing by 600 percent in some cities between 2008 and 2016. Patrick Condon argues that land has become an asset rather than a utility, and that this has led to runaway housing costs. In this treatise, Condon proposes bold strategies that cities in North America could use to shift land back to the common good.

One of the key factors driving the increase in land value is the rise of global capital markets. These markets have recognized the potential for land to be a good speculative investment, and have poured money into the housing market. This has led to a surge in construction, with developers building new homes and apartments at a rapid pace. However, this has also led to a shortage of affordable housing, as the cost of land has made it difficult for many people to afford to buy a home.

Another factor contributing to the increase in land value is the increasing demand for urban living. As more and more people move to cities, the demand for housing has increased, and this has driven up prices. This has led to a situation where many people are living in overcrowded and unsanitary conditions, which can have negative health effects.

To address these issues, Condon proposes a number of strategies that cities in North America could use. One of these strategies is to increase the supply of affordable housing. This can be done by providing subsidies to developers who build affordable homes, by increasing the density of housing in certain areas, and by providing tax incentives to homeowners who rent out their properties.

Another strategy is to increase the supply of land for development. This can be done by rezoning land for residential development, by providing incentives to developers who build on vacant land, and by providing tax incentives to homeowners who sell their properties.

Condon also proposes a number of strategies to address the negative effects of urbanization on the environment. These strategies include promoting sustainable development, reducing greenhouse gas emissions, and protecting natural resources.

One of the challenges facing cities in North America is the need to balance the need for economic growth with the need to protect the environment. This can be a difficult task, as many economic activities require the use of land. However, Condon argues that it is possible to achieve this balance by implementing smart growth policies.

Smart growth policies involve the development of mixed-use neighborhoods, the preservation of open spaces, and the promotion of public transportation. These policies can help to reduce the amount of land that is used for transportation, which can help to reduce greenhouse gas emissions.

In addition to these strategies, Condon also proposes a number of policies to address the issue of gentrification. Gentrification is the process of wealthy people moving into low-income neighborhoods, which can lead to the displacement of low-income residents. Condon proposes policies that would prevent gentrification, such as rent control and community land trusts.

However, implementing these strategies can be challenging. Many developers and homeowners are opposed to these policies, as they can reduce their profits. This can lead to a situation where the housing market is not functioning properly, and many people are unable to afford to buy a home.

To address this issue, Condon proposes a number of policies that would encourage collaboration between developers and homeowners. These policies include the creation of community land trusts, the provision of tax incentives to developers who build affordable homes, and the promotion of community engagement.

In conclusion, urban housing and the land beneath it have become increasingly valuable assets in recent years, accounting for half of all global wealth. This has led to a global housing crisis, with land prices increasing by 600 percent in some cities between 2008 and 2016. Patrick Condon proposes a number of strategies that cities in North America could use to shift land back to the common good. These strategies include increasing the supply of affordable housing, increasing the supply of land for development, addressing the negative effects of urbanization on the environment, and addressing the issue of gentrification. However, implementing these strategies can be challenging, and it is important to work with developers and homeowners to achieve this balance.

Weight: 434g
Dimension: 154 x 228 x 21 (mm)
ISBN-13: 9780774869553