Saturday, August 05, 2023

My generation is often part of the problem

Paul Krugman [gift article] comes up with some data that surprised me. He explains that Miami, if anything, has less affordable housing costs than New York City. As in New York City and here in San Francisco, the high cost reflects inadequate supply. Folks with money bid up the price of what exists in a location they find desirable.

He also shares a good deal additional about the Florida economy that I'd not been aware of, at least front of mind.

Retirees have been moving to Florida for the warm winters for a long time, ever since Groucho Marx told potential buyers: “You can get any kind of a home you want. You can even get stucco. Oh, how you can get stucco!” But there are a lot more potential retired migrants now than in the past: between 2010 and 2020 the overall U.S. population grew only 7.4 percent, but the population 65 and older grew 38.6 percent. And since retirees spend money on local services, the influx of seniors creates jobs for younger adults as well.
... the influx of retirees does help explain why Florida’s population is still growing fast even though its biggest metropolitan area has become increasingly unaffordable.

Ron DeSantis better not attack Medicare. 

But also, the growing distortion of the state's age profile might, unhappily, explain why the ambitious governor thinks the way to go is to attack "woke."  His voters are the semi-affluent, white, retirees, not the Black and brown, younger, working class in the state. As the age profile of the state tilts more and more toward older Boomers, maybe it's fine to hobble education for young Floridians? 

This sort of thing doesn't end well.

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