Abundance

by Ezra Klein

In the ’70s, rising inflation and slowing home building turned the homes people did own into the center of their wealth. But how do you protect the value of that asset? You can insure a home against fire, but you can’t insure it against rising crime rates or local schools slipping in quality or a public housing complex being built down the block. To manage those risks, you need to control what happens around your home. You do that through zoning and organizing. You do it through restricting how many homes and what kinds of homes can be built near you. You do it by making the minimum allowable lot sizes bigger and the parking requirements more expansive because both those rules ensure that only wealthier people will be able to buy into your community. You do it through organizing at planning meetings to defeat proposals for apartment buildings—they’ll change the character of the neighborhood, and think of the traffic!—and refusing to expand sewer systems to areas where developers might want to build new homes.