At Pacific Standard magazine, Millennials prove to be the source of urban gentrification.
Theme: Globalization and gentrification.
Subject Article: "Panel: Lack of affordable housing hurts economic development."
Other Links: 1. "Arcade Fire, Spike Jonze Steal Youth In ‘The Suburbs’ Video: Canadian indie rockers' clip is a somber comment on adulthood."
2. "Transit struggles with North America's move downtown: Millennials' desire to live near their workplaces strains cities from Toronto to Los Angeles."
3. "Urban Development: Faster Greener Commutes Key to Sustained City Growth."
Postscript: From Portland, Oregon to Brooklyn, NYC, a common theme emerges. Some people are willing to endure an irrational migration to a place where the return (i.e. wages) on living in the city doesn't justify the cost (i.e. rent). Ed Glaeser, Jed Kolko, and Albert Saiz looked at this "Consumer City" conundrum. In their model, certain amenities fill the deficit between wages and housing costs. In effect, a streetcar could subsidize lower wages in a cool city. Employers are happy. Real estate developers are happy. Apparently, Millennials are happy with the arrangement. Clearly unhappy are tenured residents who cannot afford the amenity dividend, as the research of Rebecca Diamond demonstrates.
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