Millennials face a barrage of obstacles to homeownership. The Bicycle Architecture Biennale showcases 15 mind-blowing bike projects. Is the US finally side-eyeing single-family housing?
Why millennials can’t buy homes: Many factors are impeding the next generation of home buyers. Places where real estate is cheap do not have many good jobs, but places with many jobs, primarily coastal cities, have witnessed chaotic real estate markets. The housing supply is limited, while young prospective buyers are blocked by older buyers who have seen their equity stakes grow favorably. The housing burden gets complex when you add historically racist housing policies and outdated property tax laws. (Alexis C. Madrigal | The Atlantic)
15 mind-blowing bike projects: The new Bicycle Architecture Biennale, which opened in Amsterdam on Monday, is highlighting different transformative bike projects from around the world. Four of the projects are from the Netherlands, however places ike Xiamen, with its five-mile aerial bike path, and a university in Perth with 200 parking spaces, showers and locker rooms, add to the diversity of projects. (Adele Peters | Fast Company)
The US questions single-family housing: While nationwide it is illegal on 75% of residental land to build anything other than detatched single-family homes, a crisis is mounting over housing affordability, climate change, and racial inequality. Many cities are calling for a reformation of single-family zoning. (Emily Badger and Quoctrung Bui | New York Times)
Should Fort Worth transit keep $90 million?: Trinity Metro extended its TEXRail commuter train service to Forth Worth’s medical district and stayed $90 million under budget. Metro president Bob Baulsir wants to use the surplus to extend the line another two miles, but unspent federal funding typically goes back into the pot to be allocated to other cities. (Gordon Dickson | Forth Worth Star-Telegram)
Billions were pumped into unbuilt suburbs: Walton Group, a Calgary-based real estate firm, convinced investors worldwide to drop $10k or more apiece in rural properties outside fast-growing cities like Phoenix and Atlanta. $3.8B, 92,000 investors, and 106,000 acres later, the anticipated sprawl and returns haven’t happened yet. (Michael Sasso | Bloomberg)
Quote of the Week
“Suburbs aren’t particularly American. Cities throughout history have had suburbs. Ancient Rome had suburbs. Archaeologists have found evidence of suburbanization around Ur and ancient cities in the Americas had suburban areas as well.”
Amanda Kolson Hurley in Mother Jones talking about some of the contents of her book, Radical Suburbs.
This week on the podcast, Martiza Pechin talks about planning and transportation changes in Richmond Virginia