1. Miami just overtook NY and LA and of course the Bay Area as the nation's most unaffordable housing market. This trend was patently obvious for sometime, and does not bode well for the region or other hot rising centers. therealdeal.com/miami/2022/02/…
2. Miami's housing market has soared driven by an influx of rich, indeed super-rich buyers from NY, LA and other places. Houses are routinely being flipped for multiples of their pre-pandemic values
3. The hand writing was on the wall even before the pandemic. For context, let me send along links to several reports we did for the now defunct @MIAUrbanFuture. Here's one from 2019 on ehem Miami's housing affordability crisis: digitalcommons.fiu.edu/mufi-reports/6/
1. Fantastic and fantastically interesting new @nberpubs study by @rebeccardiamond and Enrico Moretti on cost of living differentials by class of workers across US cities: nber.org/papers/w29533
2. The study documents HUGE differentials in living costs/quality of life across US metros ...
3. Expensive coastal metros are ... well ... really expensive.
1. The world of innovation is spiky and appears to be getting spikier, according the later NBER working paper by Bill Kerr and Brad Chattergoon at Harvard Business School: nber.org/papers/w29456?…
2. The study tracks patents for all patents, and for software and non-software patents from January 1976-December 2020. Here are some of the key findings ...
3. "U.S. patenting has become much more spatially concentrated around tech clusters like SanFrancisco and Boston compared to the 1970s, making these places more productive for researchers ... important for business organization, and central to high-tech startups."
2. "Traditional theories of cities emphasize production decisions and the costs of workers commuting between their workplace and residence."
3. "However, much of the travel that occurs within urban areas is related not to commuting but rather to the consumption of nontraded services, such as trips to restaurants, coffee shops and bars, shopping centers,
cultural venues, and other services."
1. A quick thread on the new book Survival of the City by Ed Glaeser & David Cutler. Just finished it this afternoon. It's terrific. A must, must read. There is a lot to the book, so I'll focus on what it has to say for cities and urbanization.
2. First off, it's an extremely well-crafted book - a GREAT READ.
3. For me the highlight of the book are the chapters which trace the history of pandemics & plagues & their impacts on cities and urbanization. It's clear Glaeser loves this material and that he has a penchant for economic history and it shines as a high point of the book.