I would say under-regulation, or more to the point, mal-regulation. Unregulated markets inevitably settle into a worst case scenario given time.
In the case of residential property (which is what your link refers to), I agree that some of the regulations there are bad and need to be revised or eliminated. But they have nothing to do with the commercial space falling into squalor.
My observation has been that any streaming package that includes ESPN is automatically well more than 4 times as expensive as any package without it. Perhaps the cable companies should find a way to dump ESPN and pass along the savings to remain viable.
I think they are holding out to sell the buildings at full price.
Never gonna happen. Full price was before 10 years of decay and rodent infestation + neighborhood gone to shit. Nevertheless, high supply, low demand is supposed to result in low prices.
What a nice idea! But then the commons are not only not commons, but they become properties and whatever herdsman gets the biggest herd will buy it all up and you get a monopoly.
One, how so if the agreement is ownership in common. And two, how is it worse than it all being owned by a (land)lord who rakes in the better part of the profit while considering herding animals to be beneath him?
Sounds like you drank the cool aid.
That smells a LOT like BS. I'm just going to eat all this food in your pantry to make sure you don't get food poisoning, and such.
Compare, instead of the nobleman charging rent, the herdsmen do get together and own the commons in common, working out a fair deal between them for sustainability.
As for the NYC situation, if there's a glut, why don't prices fall? Where are the buildings for sale cheap to someone who wants to do a residential conversion?
Now explain how the noblemen is doing the herdsmen a kindness by charging them rent.
Also, in NYC, explain the chronically vacant commercial space (hint, no rent control).
BZZZT!
I was talking about commercial space, not residential. The residential space tends to get rented.
Given the current state of the art, there's not even a guarantee that the real harm won't show up in the 2nd or even 3rd generation. Not all state of the art modifications prove to be stable.
If something goes wrong and the child needs expensive lifelong medical care for an unanticipated problem, guess who will be first to shout "NOT IT!"
Most of the second guessing of the pilot seems to assume the pilot could press pause and work out the alternatives on a chalkboard for an hour or two and then resume real-time with a solution in hand.
The fact is, it all happened in a handful of seconds. I doubt the pilot even had time to fully assess the problem before hitting the ground.
The problem is in the solution. Rationally, those Herdsmen need to hash out an agreementfor the fair use of that land to keep it just below it's carrying capacity.
But what really happens that some 'nobleman' declares the entire commons to belong to him and sends a goon squad to wipe out any herdsman who disagrees. He then 'allows' the herdsmen to use the land in exchange for a painfully large share of their productivity. For some reason he expects gratitude for that arrangement.
Alas, we've moved beyond even that. Now the 'nobleman', seeing that the herdsmen are making do with a smaller commons over the hill but unable to grab control of it sends his goons to salt the earth overnight so the herdsmen will have to 'rent' land from him.
But even that isn't enough for some. They want more 'rent' than any herdsman can pay while still making a living. So they leave the field fallow while trying to grab even more land. For some reason they think they can squeeze blood from a turnip.
If you find that unbelievable as an analogy, explain why there are entire blocks in NYC that haven't seen any space rented in over 10 years, yet the asking price hasn't budged even as the neighborhood has been given over to rats and junkies.
"We don't care. We don't have to. We're the Phone Company."