Quote:
Originally Posted by aaron38
Yes. When the free market doesn't agree with you and the development money goes elsewhere and Chicago becomes Detroit, then what? By your definition, literally nothing new should have been built in Chicago since 1946.
Historic buildings have value when people decide they do and invest in them. Like I said, this city and it's citizens had decades to rehab this building and increase its value.
|
Markets work great for a lot of things. I love markets. But this oversimplification is absurd. Free markets don't mean I can throw my garbage in the street. And markets aren't efficient if they are only profitable because the owner is freeloading, extorting or taking advantage of unpriced externalities. If a community invests in public spaces and institutions over decades, the *most profitable* use of some land in that historic neighborhood may still be a drive through vape shop. It's profitable because it's an unearned increment made possible because value exists due to generations of public investments and the long-term enterprise of a community and institutions. Sure, simply extracting profit from previous investments may indeed be
profitable, but that certainly doesn't mean it's good for a community.
If economics is the justification, it should implicitly address this extremely basic stuff first. But even more simply, if a person’s justification for doing something ugly is just that he has the “right” to do it, you shouldn't be his friend.