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Comment Of The Day

"I'm not really on board with all this ranting and raving, but I do think this is bad public policy. There are two kinds of "affordable housing" problems: (1) lots of people who want to live in a city without enough available housing units, leading to overcrowding and high prices; and (2) lots of people who do not have enough income to pay any halfway reasonable amount of rent at all.

Public and subsidized housing solves problem (1), which is why it was built in Chicago during the middle of the last century. We had lots of low-skill jobs and overcrowded slums, so we built public housing. Fine. But we're not in 1960 anymore--we have a declining population and a vast number of vacant properties. Building more government-funded housing actually makes things worse, since it means more low-rent privately-owned properties sit vacant and eventually decay, and since it locks poor people into neighborhoods with few jobs.

To solve problem (2), just give people money to pay rent wherever they want. Done. Cheaper, easier, and better for both the cities and the recipients. It means taking on some entrenched political interests, but Rahm is supposed to enjoy that sort of thing..." —Anon [Viceroy Hotel Rehab is Fully Funded and Set to Begin]