@MikeFellman I'm glad to see that despite your YIMBY skepticism you still believe in the one true doctrine* of maximizing the supply side and dealing with unequal consumption with ex-post cash (like) transfers. 🫡
*left neoliberalism
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Chris Derrick
3.8K posts
Chris Derrick
@CDerrickRun
Formerly @bowermantc and @StanfordXCTF
Boulder, CO Entrou em Temmuz 2012
479 Seguindo7.3K Seguidores
Unfunded inclusionary zoning is bad. Funded inclusionary zoning is less bad but might be worse than housing vouchers.
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@releepseveer @MikeFellman Investors are going to have return thresholds for any project based on that project's risk. There's no actual way to beat down those returns in the long run. If you try to tax it away you'll just get less investment (building) until the returns are high enough again.
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@MikeFellman I don’t think it’s strange. Maybe piecemeal is a good way to describe it… to me it’s a tax on investors that’s made necessary by the inability to progressively tax extreme wealth in broader ways.
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@steviewelles55 @OverCommonName @mattyglesias Yes land is priced in $ / sqft of zoned area. If you increase the amount of zoned area across a city you can:
1. Decrease the $ / sqft of zoned area (through increased supply)
2. Increase the $ / sqft of land area (through increased density)
This is the point of YIMBYism.
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@OverCommonName @mattyglesias Parcel value is highly dependent on what can be built on it. If you make it "legal" to build stacked dwellings, the value (cost) goes up.
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@mattyglesias The piece missing from these anti-YIMBY takes is that land for apartments is generally priced in terms of $ per sqft of zoned floor area. Where that price is very high the government can immediately lower it (and the cost to build) by increasing the amount of zoned density.
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@GS05445168 @biggestcatt @Birdyword Part of the larger critique that the main sin of finance is that its pointless (all the engineers and rocket scientists who did risk management instead, the completely unconvincing way Spacey says "Our talents have not been wasted").
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@GS05445168 @biggestcatt @Birdyword I always read it as clearly being Goldman, but the Fuld reference is implying they'll meet their end someday as well. Lehman was once considered extremely sharp, after all. Irons basically says this at the end to Sam, although he clearly doesn't believe it.
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It's become very fashionable somehow to say that Margin Call is your favourite finance movie, but I can't forgive the fact that there isn't actually a margin call in the film.
rwlk@sherlock_hodles
You can tell a lot about a trader by which of these movies is their favorite
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@matthewstoller @makosloff What's the mechanism here? In general you point to concentration but the elite schools with the largest increases in cost have refused to increase slots despite dramatically more students nationally. Their "market share" has gone down and yet the prices have gone up...
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@makosloff Look at who is on the boards of universities.
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The economic phenomena called Baumol's disease is fascinating.
Baumol's disease refers to a term coined by an economist to explain why higher costs in certain sectors isn't the fault of billionaires profiting from them but the ugly worms who need health care. Eat shit.
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@brandon_lighty @MattZeitlin Can you explain the math behind this? It seems like the necessary price elasticity from holding a unit off the market to make this profitable would need to be massively high.
Also, if you want to restrict supply isn't it much easier to just not build the unit in the first place?
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@MattZeitlin Losing money you have the ability to lose if it keeps costs up for others allows for a further concentration of wealth
Kinda like how we are seeing landlords being consolidated into larger corporate bodies
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One of the strongest folk beliefs is that it’s good to lose money for tax reasons
The Concept of a Tweet@brandon_lighty
@yhdistyminen Ah yes and so therefore our solution to that is to completely deregulate and build a ton of housing on the local level even though the way our tax system works allows you to write off the entire market value of a unit if it remains empty! That’ll work! 👍🏼
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I'll be on the NCAA XC broadcast again this year. Tune it Saturday, 10am ET on ESPNU!
Hit me with your hottest and/or best takes and if they are good enough to steal I'll shout you out on air.
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@patio11 @TheStalwart It may be impossible with current first amendment jurisprudence, but we need to find a middle ground where something is legal but you can't put the full force of American Capitalism (laudatory) behind it.
See also: pot.
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@TheStalwart (I did not correctly model and society did not correctly model: "What if, as norms evaporate against this behavior, we fast follow liberalization with large teams of extremely intelligent people and billions of dollars of advertising attempting to popularize a vice.")
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What's the best argument that the liberalization of sports betting laws has made the country better off?
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Chris Derrick retweetou
I've just written about my very intense relationship with my father and how running helped me both connect with him and avoid becoming him.
It's also my first article ever for @TheAtlantic . My dad wrote for the magazine in 1967, and i t seems fitting that the first piece published here from my family in 58 years is about him.
theatlantic.com/magazine/archi…
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@PatriciaNPino I don't disagree, but in practice proponents of this view seem to think there's no limit to our resources. Budget deficits seem a bit like GDP - an imperfect measure but the best first cut you're going to get.
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“The real limits are our resources, not the Treasury spreadsheet”. MMT™️
Clive Lewis MP@labourlewis
“How long can governments live beyond their means?” asks @TheEconomist. The answer is simple: a govt that issues its own currency can’t “live beyond its means”. It creates the means. The real limits are our resources, not the Treasury’s spreadsheet. This old household analogy, that the state must “tighten its belt like the rest of us”, is economic claptrap dressed up as moral virtue. The last time Britain ran “tight budgets” for a century, as the Economist approvingly recalls, we had no democracy, no welfare state and no safety net. People demanding food, rights or dignity were met with the sword at Peterloo or shipped to Australia like the Tolpuddle Martyrs. Today’s version is quieter but just as cruel: austerity that guts services, freezes wages and rewards the same corporations and creditors who profit from public contracts, public guarantees, and public infrastructure. When they say “we’ve lived beyond our means”, what they really mean is you have - and they intend to make sure you pay for it. The truth is, our economy doesn’t suffer from overspending, it suffers from under-investment in people and planet, & a political class still too scared to use the power of the state for the common good. It’s a forlorn hope- but this budget the chancellor should balance the economy, not just the books.
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@AidanReed45 tbf, this sort of posting probably helps him win. Would certainly make me more comfortable if I were a NYer!
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Don’t be afraid of winning! I think one of the most exciting and compelling aspects of Zohran’s campaign is the opportunity to demonstrate that socialists can govern effectively and deliver for regular people. Critically important, don’t shy from it.
Brenton ☭@seizethebanks
When Mamdani first won his primary and most of the left were celebrating, I tried very hard not to rain on their parade and said that while it was possible for his victory to be good for the movement, it would depend on how he led. I’m at the point now where I need him to lose.
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@MattBruenig Yes the specific example in his post (he lives in NYC and rents) seemed a bit too risk averse to me. Especially since he writes a financial newsletter. Demand for those probably increases in a financial meltdown.
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@CDerrickRun Seems very risky if you live in an area that does not have a diversified economy (factory town, etc.) but less so in more diversified areas with lots of different industries that you can conceivably move between
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Why do workers stay in places facing economic decline? Great paper using Norwegian administrative data to show that the decline in local home prices keep homeowners there (but not renters)
norges-bank.no/contentassets/…
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@mattyglesias Clearly @DKThomp knew he'd need cover for his Zionism when he wrote the original column in January 2022.
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@nominalthoughts 9% income tax on everything over $11k for individuals.
"oh so you'd prefer to tax work rather than consumption?" 🚩🚩🚩
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Talking to a woman and she said she would move to Oregon because it has no sales tax
This shit is over 🥀
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@matthewstoller @selise @dieworkwear That comment is clearly a) true and b) a lament! Half his feed is "here's a long thread on why this old way of doing things is both better and getting killed by consumer preferences for cheap things" (affectionate).
His "machines lower wages takes" are wrong. Agree there.
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@selise @dieworkwear Read his work. It's all just 'Americans want reasonable wages we can't have that' combined with 'investing in more productivity is bad for workers.' He's a hack. x.com/dieworkwear/st…
derek guy@dieworkwear
Ultimately, consumers want cheap clothes. I'm sad to see yet another American clothing factory shutter. The Garland Shirt Factory lasted for about 70 years, much of that time producing one of America's most iconic styles.
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Of course this is false, it’s UPS that has screwed up. But then @dieworkwear hates the idea of making things in America.
Classic left poseur snob.
derek guy@dieworkwear
About a month ago, the Trump administration got rid of the de minimis exemption, where by packages valued under $800 could slide in without duties. Now there's a backlog as the government can't process all of this paperwork, leading to UPS just destroying packages
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@MikeFellman 100%. I got into the G&T program in 8th grade and was miserable before then. I'm "triggered" by the Ed school idea that in a de-tracked classroom the good students will "lift up" the worse students. Buddy, "peer learning" is a one way ticket to getting stuffed in a locker.
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I will add, that for smart kids, being in G&T classroom is 1000x better than getting "mainstreamed" for obvious reasons so I can understand why a bunch of people who otherwise would have hated school have strong opinions here even if G&T did not change their academic trajectories.
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Yes. People are very much up in their feelings here.
I loved the gifted and talented program at my elementary school (which TBF was run a on shoestring budget) but I highly doubt it improved my level of academic success in any way. It was fun though.
Sasha Gusev@SashaGusevPosts
@KelseyTuoc One issue with this program is that it appears to have no benefit on schooling outcomes (mitili.mit.edu/sites/default/…). If a program has been around for a few decades and hasn't bothered to do a randomized evaluation, why continue funding it?
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@TheStalwart @MikeFellman My big fear as a YIMBY is that the movement will score political wins precisely at the time when the macro picture prevents those wins from being translated to a surge in housing production and this will discredit the (good) ideas.
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@TheStalwart Also: you could get local agglomeration effects that make an area more desirable and local rents higher, but you'd have more inter-agglomeration competition which might lower the national price level. @MikeFellman
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Yeah. I really enjoy the benefits of urban density. If they built a lot more homes around me, would probably be winning to pay more.
Mike Fellman@MikeFellman
Such a city is more convenient and pleasant to live in! Agglomeration is also highly desired by some people and they might even we willing to pay MORE for it. Folks the @TheStalwart are pretty common. It's why cities exist! (8/9)
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