Why Geographic Equality Matters
All boats are lifted when talent and wealth aren't limited to just a few big cities.
San Francisco isn't the only place for tech.
Photographer: Chip Chipman/BloombergThis article is for subscribers only.
I argued last week that the high cost of housing in cities such as New York and San Francisco has a bright side for the larger U.S. economy: As people who would like to live in these highly desirable but dauntingly expensive areas are priced out, they choose instead to settle in upwardly mobile communities that benefit from the new talent and wealth.
That's because geographic equality matters. An environment in which high value economic activity happens in just a handful of cities would make the country worse off, and ultimately starve those cities of what they need to thrive -- talent and ideas.