Yea the government and educational structures always look nicer and more well thought out... its... its almost like pure capitalism is the problem... but, but how could that be?!?!?
I mean yea it really is showing a few things. I only wonder what real capitalism without the neighborhood groups or the overly restrictive zoning/always knocking a quarter of the floors off would bring. Without the city mandating that x amount of affordable units be built with each development, there would be nothing. At the same time in a less restrictive environment, tailored to private sector real estate growth, there could be so many new units built that the older units probably wouldnt have gone up in the first place, they definitely would not have gone up anywhere near as much, and thered be a lot more to go around if they werent being filled by people who could otherwise go live in a new condo.
The govt has completely shut off funds for public housing, when it was their responsibility. They decided towards the end of the 70s that it was a failure, that it just leads to segregation, crime, discrimination... and the tap was shut off. On top of it they demolished tens of thousands of units. Its true that lots of the housing that they bought did lead to segregation and lack of upward mobility, but instead of try to change and fix the model, they just gave up completely. Thats insane, and has been extremely detrimental to cost of living for the lower to middle class.
Idk why this isnt one of the main presidential pitches or on the news all the time to increase federal funding again and learn from other countries how to do it right this time and experiment with what works here. How the reason rent got so high is because the private sector now has to build 100% of new units, where their job is to make a profit, in a market that is extremely restrictively zoned, and land is outrageously expensive, so they only build the bare minimum required... Thats obviously not enough.
Luckily cities did figure out that they could get the private sector to build lower income housing, or we would have been even more screwed, but they cant do it all. Most cities own up to and over 50% of the land within the city, so imagine what they could do with funding for housing. Thats free land when land is one of the main forces driving up cost for the private sector. If they can build housing again that means more units on the market, for cheaper, and causing more healthy competition. Plenty of other cities have figured out how to do public housing right. In places like Singapore and other Asian cities the majority of people live in public housing. Times have changed, public housing works when done right, it doesnt need to be for the poor, or built in a way that segregates. The govt absolutely needs to fund this again or eventually nobody will be able to afford to live anywhere.