Tearing Down Brooklyn Brownstones to Grow the Economy
The quaint little homes in the charming nooks and crannies of our nation's major cities are costing us billions, according to one economic report.
The economists who did the study found that the U.S. economy would be 9.5 percent bigger, if only three of the country's most productive cities — New York City, San Francisco and San Jose — could squeeze in more people. All they'd need to do is allow developers to knock down those beautiful Brooklyn brownstones and historic Victorians in San Francisco and build taller apartments and condos like other cities allow.
On this week's Money Talking, host Charlie Herman asks Heather Landy with Quartz and Annie Lowrey of New York about the study and what lessons can be drawn from it, considering it's unlikely that landmark preservation laws that preserve New York City and San Francisco will be nullified any time soon. Then, speaking of another relic from the past, AOL. Verizon is buying the former tech giant for a fraction of what it was once worth. Why?
