calambre10 t1_j1es06m wrote
Yes, because new construction certainly made Jersey City the most affordable city in America with abundant housing across all incomes. /s
felsonj OP t1_j1f1l07 wrote
This doesn't work as a causal argument. For a causal argument, you need to estimate the counterfactual. If JC had built less housing, the prices in JC would likely be even higher.
Housing is MUCH more affordable in parts of the US where there are fewer restrictions on building and construction that drive up the price.
I suggest Matt Yglesias' book The Rent is Too Damn High: https://www.amazon.com/Rent-Too-Damn-High-Matters-ebook/dp/B0078XGJXO/ref=sr_1_1?keywords=the+rent+is+too+damn+high&qid=1671828970&sprefix=the+rent+is+too%2Caps%2C130&sr=8-1
effort268 t1_j1fy494 wrote
Jersey city is right next to the largest and and wealthiest city in america. Ofcourse its going to be expensive, so will Newark. The reason for the increase is because people are finally seeing the value that these cities have, plus Tech has been booming in nyc hence the significant rise in salaries. I have tons of 25-30 year old friends making 120-150k base salary. If we want to slow the increase in prices, we need to build more housing so people like them dont kick us out.
Let’s not oversimplified a very complex nationwide issue. Please watch the below video.
P.S - I’m a big ally when it comes to affordable housing but this is not just about building more, this is about increasing wages (30% of newark is under poverty), better quality education, more opportunities for better jobs (nyc is just 25 min away, take advantage), better social safety nets so people dont have to fall into poverty. Better acess to affordable healthcare. Better drug laws so were not criminalizing people for personal amount of drugs. Rehabilitation for prisoners/homeless so people can become productive members of our society. Raise taxes on billion dollar corporations and so we can fund some of these initiatives.
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