The Real Cause of Vacancies in St. Louis
At the suggestion of Todd Swanstrom, I read a book by his colleague titled Housing Dynamics in Northeast Ohio by Thomas E. Bier. The book written about the Cleveland area is also applicable to St. Louis and many other cities.
The argument in the book backed by data is that vacancies occur when there is an oversupply of housing in the region. This oversupply of housing occurs because developers are looking to profit by building more housing, and land is cheaper in the suburbs. The author points out that when there is an oversupply the oldest, most worn out housing loses all market desirability and becomes vacant. The problem is made worse because developers can more economically build in the suburbs and the infrastructure in the suburbs is stronger.
This plays out when we look at the north side of St. Louis. There will only be a turnaround if the city figures out how to streamline its development requirements, crime is controlled, and schools turn around. In addition a marketing campaign to young people around the company would help. We could offer free housing and lots of land. Written by Paul Dribin