Economics

Car owners are an entitled, selfish class of moochers — and it's time to stop catering to them by worrying about where they park their cars.

With their powerful results, the studies coming out of the Equality of Opportunity Project, led by Raj Chetty and Nathaniel Hendren, have become an important touchstone for journalists and transportation policy advisers. In their 2014 [PDF] and 2015 [PDF] studies, Chetty and Hendren show that place matters for low-income families. When low-income families have the opportunity to raise their children in better environments, their children do better as adults. And with their use of “big data,” Chetty and Hendren can show that these better environments are not just correlated with improved incomes, but actually cause them.

Cross-posted from City Observatory

Earlier this year, following a slight uptick in U.S. traffic volumes, Transportation Secretary Anthony Foxx said in a press release, "More people driving means our economy is picking up speed." He's not the only person to equate traffic with economic growth. Even former New York City Mayor Michael Bloomberg once said, "We like traffic, it means economic activity," before his administration began to tackle traffic as a drag on the economy and embraced ideas like congestion pricing, bus lanes, and protected bikeways.

When shop owners oppose new plazas or protected bike lanes, even in the city's most walkable neighborhoods, they often say their businesses rely on street parking to attract customers. Removing even a handful of spaces, they claim, would lead to economic ruin. The reality, of course, is that an overwhelming majority of New Yorkers don't drive to do their shopping, and making streets better for walking and biking tends to pay off for merchants even if some parking spaces are removed. A new survey shows that Fulton Street in Fort Greene and Clinton Hill is another New York City shopping street where the vast majority of people arrive without taking a car [PDF].

They call it "intra-regional job piracy" -- when one town uses tax breaks to lure employers from neighboring towns.

It’s April 15. If you bought an electric car in 2013, you can claim a tax break today. If you bought a plug-in hybrid, you can get a tax break today. But if you don’t own a car and walk to work instead? Sorry, Charlie.

When a street redesign to prioritize walking, biking, or transit is introduced, the headlines are predictable: A handful of business owners scream bloody murder. Anecdotes from grumpy merchants tend to dominate the news coverage, but what's the real economic impact of projects like Select Bus Service, pedestrian plazas, road diets and protected bike lanes? How can it be measured?

His claim to fame is that he retired at age 30. He swears that you can achieve greater financial freedom too, if you follow his example by eliminating unnecessary expenses and investing wisely. He calls himself Mr. Money Mustache. And he says nothing is more essential to his philosophy and wealth-building strategy than riding a bike.