Reinventing Redevelopment Law
Real Estate Law Journal, Vol. 37, No. 234, 2008
19 Pages Posted: 16 Oct 2009
Date Written: 2008
Demographic experts project that the American population will increase by more than one hundred million over the next forty years. These additional residents will create a tremendous demand for additional housing and nonresidential development. It is predicted that over seventy million new homes and one hundred billion square feet of nonresidential space will be necessary to accommodate this growth in population. Since many of the new households will comprise young singles and couples, aging empty nesters, and immigrants, a large percentage of these 100 million Americans will be oriented toward urban living. This contrasts with the demand created by population growth over the past half century, which contained a higher proportion of traditional families and resulted in new home construction that emphasized single-family units on individual plots of land. This previous demand for housing along with low interest mortgages and highway expansion combined to attract urban dwellers to the country and fuel urban sprawl, contributing to the deterioration of city neighborhoods and threatening the financial capacity of urban municipalities.
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