.Oakland Prays for Tall Buildings

The Oakland City Council approved a new downtown plan that essentially represents a giant prayer for tall buildings and a huge influx of upscale residents. The new zoning plan allows skyscrapers to be built throughout most of the downtown area. But as we noted last week, the plan threatens to stifle dense development because it could artificially raise land values and encourage property owners to demand high prices — thereby discouraging developers from buying property and erecting buildings. And then even if developers decide to build skyscrapers, there’s no guarantee that they will be able to attract residents.

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