Piketty’s fear of an aristocracy of inherited wealth hasn’t come to pass; the very richest people are successful founders rather than heirs.
But for the vast majority of people “starting out rich and watching assets compound” > “earning money working”
https://t.co/Pgs4nlZW7E
Asset prices have grown dramatically faster than wages over the past generation — this chart is an understatement that doesn’t even include dividends or imputed rent.
https://t.co/Pgs4nlZW7E
“This wasn’t a one off. This is a systematic problem that should have been uncovered decades ago that the city has been hiding even until today and the jury spoke loudly and clearly about what is happening in New Haven”
https://t.co/KqeuNj0APR @ctexaminer
To understand why New Haven is facing tens, perhaps hundreds, of millions of dollars of legal liability for police misconduct a generation ago, read this @ctexaminer@davealtimari piece then read Nicholas Dawidoff's magisterial book "The Other Side of Prospect"
There were big pushes internal to the left to care less about "how much stuff can people afford" and more about things like CO2 and top-end emissions.
Does "affordability" politics mean actually changing that?
https://t.co/MGuhfgb41D
@CompletedStreet what is more interesting is how it rearranged and reprioritized the geography of Rochester. Suddenly I'm spending a lot more time in the neighborhood around the public market and the northeast side which had previously been moated off by rail, highway and river.
@CompletedStreet Urban renewal and highway-building wiped out huge amounts of taxable land. It's a big issue in a lot of smaller cities including New London, CT.
The @nytopinion section released an editorial today claiming that the best way to make homes more affordable is by loosening zoning rules and expediting permitting. Standard abundance stuff. Their causal proof is this (very pretty) graph, showing a negative relationship between the rate of home construction over the past decade with the median home price in each area. Even accepting the premise that more homes in a city improves affordability (home prices to median income), which is not really controversial, the essay fails to show how *loosening zoning rules* leads to greater home construction. 1/3