DeBlasio's Unimpressive Housing Plan: No Substitute For The Free Market
New York's new mayor, Bill DeBlasio, has just proposed to spend $8 billion in taxpayers' money to create 80,000 new housing units. 80,000 is certainly better than nothing.
On the other hand, New York has 3 million occupied housing units today, so even if the DeBlasio plan works, the city's housing supply will increase by a grand total of 2.7 percent over the next decade- barely enough to keep up with population.
It seems to me that government spending on housing may be perfectly acceptable as a way to keep the very poor from being homeless- but as a way to keep the middle class in the city, it is simply no substitute for allowing people to build housing without government interference.
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