The success of a thriving downtown hinges on achieving a critical mass of businesses and homes inside a given radius. The allure of the city is built around having quick access to a myriad of amenities just a short trip away. Having public space, shopping, cultural institutions and employment all within minutes of your front door is the boon of urban living–made possible by tens of thousands of people in close proximity in order to support all of those individual destinations. The value placed on that access translates into higher home prices that tend to shrink the average size of urban residences by shedding “extra” uses.
But some of our cities are becoming the victims of their own success. As a finite amount of land becomes more desirable, prices begin to migrate outside the realm of accessibility for a larger portion of the population. The degree of socio-economic diversity begins to wane and lower-income residents are forced to move farther to the urban edge. The very density that defines the city is beginning to run counter to the forces of its own market inertia. Continue Reading…