35 C
Washington

Opinion | The Migrant Crisis and the Urban Death Spiral

Date:

Share:


Cities are organic entities. They have life cycles. They can thrive and grow or suffer and shrink. As secretary of housing and urban development, I learned this firsthand. Detroit wasn’t always the Detroit of today. San Francisco today is different from San Francisco 10 years ago. New York, Los Angeles and Chicago aren’t what they were 20 years ago. It’s time we opened our eyes to reality. Many cities are going backward.

We are experiencing an unrecognized urban crisis as cities grapple with post-Covid realities. Cities were created primarily as locations for employment. Post-Covid remote work, Zoom meetings, abbreviated workweeks and increased mobility change the basic urban equation. Fewer people need to be in the city to work, and during Covid many adopted new lifestyles and locations. We still aren’t getting people into the office five days a week and may never again. That drop in population ripples across the urban economy, affecting real estate, restaurants, retail and more, and costing sales, income and property-tax revenue.

Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8



Source link

Subscribe to our magazine

━ more like this

Paramount Global special committee backs merger with David Ellison’s Skydance Media

David Ellison inched closer to an acquisition of Paramount Global, the owner of MTV and CBS, as a special committee of the company’s...

Hedge funds have no idea what to do about Tesla as shares rally while Trump, tariffs, and backlash against ‘woke’ EVs all loom

Hedge funds piled into short bets against Tesla Inc. right before the electric vehicle maker unveiled a set of numbers that triggered a...

Texas braces for Beryl as storm threatens to regain hurricane strength before making landfall

Beryl began lashing Texas with rain and intensifying winds Sunday as coastal residents boarded up windows, left beach towns under evacuation orders and...

Euro falls as France’s left wing looks to score stunning election victory, raising fears of more spending and deeper deficits

The euro fell after initial projections in France’s legislative elections pointed to a shock victory for the leftist alliance, whose campaign for a...

French left-wing coalition poised for shock victory over Macron’s centrists and Le Pen’s far right in legislative election

A coalition of the French left that quickly banded together to beat a surging far right in legislative elections won the most seats in parliament...