New growth creates an illusion of wealth. Local governments experiencing growth look and feel successful; they have high revenues and very little immediate costs associated with them. Long term though, as the liabilities start to come due, they learn that a free road isn't really free.
Read MoreThe biggest problem we face in this country is not a lack of growth. What we lack in America is productive growth—growth that builds wealth generation after generation. Productive growth makes a place better with age. It's full of cycles, endings and beginnings, rather than being a linear journey toward decline.
Read MoreWe like our places to emerge fully formed and then we expect them to never change, but that's not how life works. Cities need to be able to change and adapt, to start small and mature incrementally over time. We can't wait around for a big developer or a mega-project to fix our cities. The kind of development we need today happens from the bottom up.
Read MoreThe traditional development pattern has tremendous financial upside and limited financial downside. In contrast, our new, experimental approach is incredibly fragile with limited financial upside and a downside that can literally go negative. We can learn from the past in order to stop making the mistakes that will condemn our future.
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