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Space and the city
On April 4, The Economist published an article named “Space and the city”.
With the development of technology and the digital revolution, the clustering of workers who share ideas and expertise of Knowledge-intensive industries such as technology and finance is not just necessary but also very important. This trendy accelerates the revival of the city as the central cog in the global economic machine. At the same time, in the end of the first industrial revolution, with more and more people transferring form countryside to the city, unconstrained urban growth fostered crime and disease. This phenomenon contributes to the proliferation of green belts and rules on zoning. Over the course of the past century land-use rules have piled up so plentifully that getting planning permission is harder than hailing a cab on a wet afternoon.
Under this case, fractured market appears. The supply is not adequate to the demand, so it drives prices skyward. The article says that a recent analysis by academics at the London School of Economics estimates that land-use regulations in the West End of London inflate the price of office space by about 800%; in Milan and Paris the rules push up prices by around 300%. The writer put forwards that if it is possible to build up more and more office rooms and higher and higher buildings, the price of land and rent will decline and this behavior will strengthen economics growth.
At the end of this article, the author gives us some advice. Firstly, policymaker should ensure that city-planning decisions are made from the top down. Any restrictions on building won by one district should be offset by increases elsewhere, so the city as a whole keeps to its development budget. Secondly, governments should impose higher taxes on the value of land. A high tax on property can discourage investment, a high tax on land creates an incentive to develop unused sites.
As far as I am concerned, it is common sense that price will rise in short supply. But if we build more buildings, the price will drop? Does this project will solve the shortages? No. If we build more buildings, there will be more people moving into the city. Moreover, economic development is not the only factor should be taken into consideration. It creates a mass of jobs, but it also raises up the competition between public resources. The price will not decline but the quality of people’s life will .We should let public participate more in the affairs.
Is it practical to impose higher taxes on the value of land in order to make the most use of it? If the land is more expensive, the cost will rise up and during the development of housing, developers will save cost in other aspects, just like quality of the building. If developers impose high rents, home- ownership rate will not raise up. At the same time, different restrictions have different functions, any restrictions on building won by one district should not be offset by increases elsewhere, the reason is just like the author says, “the city as a whole keeps to its development budget”.
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