Preservation Leads to Destruction

Yesterday, we pointed out the continued inanity of politicians counting (and spending) increased taxes/fees/fines before actually seeing if that money actually appears.

Here's an article from The Contrarian explaining how yet another politician is about to destroy a sector of affordable housing via a so-called "preservation" effort:

• Your correspondent is feeling guilty. Writing about the inanity of Chicago City Council actions just isn’t a fair fight, somewhat akin to shooting fish in a barrel. But to be charitable, perhaps we can borrow from moral theology the concept of invincible ignorance: That is, ignorance through no fault of one’s own. Most aldermen, while perhaps well-intentioned, have never worked in the private sector, and seem to have no idea how people respond to economic incentives. A classic example is the implicit assumption, sometimes seen in budget documents, that if the city increases a tax on a commodity — gasoline or cigarettes — consumption will not decrease.  “If we double the tax on gasoline, we’ll double our revenue!” And yet every time, they are disappointed when economic reality hits them over the head.

  For the latest, and one of the most extreme examples of well-intentioned laws with terrible results, look no further than the “Northwest Side Preservation Ordinance” passed in late September and effective October 6. The ordinance is intended to increase the stock of affordable housing and reduce gentrification in the six square miles in and around Logan Square. 
  

It's a fairly short article, but zeros in on the details that are likely to drive out more middle class families that had turned Logan Square around from what it was in the middle part of last century.

As usual, go read it all.