By Josh Epstein Santa Monica
Wake up Santa Monica! Recent articles published in the Santa Monica Daily Press have discussed issues of housing affordability in Santa Monica. The answer to this problem is simple, however, I have the feeling that many in this city do not want to admit it. The answer is strong, sustainable development.
Economics 101 tells us that lower prices are realized when supply is increased or demand declines. Since demand for housing will likely not diminish in Santa Monica in the near future, it is time for this City Council to endorse a dramatic increase of our housing stock.
The more Santa Monica interferes with the market, the more expensive this city has become. The thousands of people who would like to move to Santa Monica and live in the same city they work in (“Trying to cut down commute,” March 13) have been adversely affected by rent control because this law has limited the supply of market rents and reduced incentives for landlords to invest in more housing (let alone their current properties), thus making for higher rental rates (“Rents just keep on rising in this town,” March 12). Having Santa Monica fund “affordable housing” (“Donor steps up,” March 14) is an expensive way to solve the problem for a lucky few. It is time to let the market (with proper guidance/incentives from City Hall) fix the crisis Santa Monica is currently witnessing.
I know many people are told Santa Monica will turn into a Miami Beach-like skyline if we allow substantially more development, but this is not what I am advocating here. We can have our cake and eat it too by increasing our housing stock in a responsible manner. We need to fill in our empty lots, tear down one-, two-and three-story buildings and replace them with five-to 10-story mid-rise buildings. Green, mixed-use buildings, centered around transportation and within walking distance to commercial districts will allow the creation of a more livable, affordable city. Less people commuting into Santa Monica will result in a reduction in automobile traffic, gasoline consumption and exhaust pollution, allowing Santa Monica to be part of the solution instead of the problem.
Originally published in the Santa Monica Daily Press print edition on March 15, 2007. Read the original PDF.