Economics

The Question of the Urban

Frustratingly, it can sometimes seem that, to paraphrase a famous decision of Supreme Court Justice Potter Stewart, urbanity is like pornography: we can't define it, but we know it when we see it.

Urban environments are hot right now in America. From coast to coast, traditional urban cores are being filled—not only by young professionals, but also by all manners of families, individuals, and households. For the first time in over fifty years, as the 2010 census dramatically demonstrated, cities grew faster than their suburbs. Neighborhoods which for more than a generation could not buy the attention of developers are now sprouting newly constructed luxury condominiums, high-value office space, and uncountable numbers of boutique retailers and eateries. Famous so-called "starchitects," people with names like Gehry, Calatrava, and Piano, tour the world, selling and sharing their perceived abilities to transform moribund environments. Urban property values are skyrocketing, and concerns over gentrification—and its concomitant displacement of the less well-off—dominate the political discourse of many a large city. Indeed, in the leading cities of this urban renaissance—places like Boston, New York, and San Francisco—demand is driving prices so high there is real concern that soon, none but the very wealthy will be able to afford most of the urban environment.[1]

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