Interesting article in the WaPo on San Francisco; its title suggests its current situation
“breaks America’s heart”, which is a fine play on Tony Bennett, but doesn’t really reflect the contempt most Americans outside the tech industry and politics have for the place.
The city is in the midst of collapsing, not so much from wealth, or even the “prog” boogeyman “income disparity” or even the lack of a middle class, but from the complete unaffordability by anyone who isn’t either wealthy or heavily subsidized by the wealthy.
And of course, San Franciscans -the people who voted for the government that led them here – are the last to understand why:
“This is unregulated capitalism, unbridled capitalism, capitalism run amok. There are no guardrails,” says Salesforce founder and chairman Marc Benioff, a fourth-generation San Franciscan who in a TV interview branded his city “a train wreck.”
First – and something of a tangent – Salesforce sucks.
More on-point? “Capitalism” only “runs amok” when it’s got government paving its way – with zoning, taxes and social policies designed to promote some groups over others, to bring “the right people” and promote “the right kind…” of society, life, politics. It is leading the way – but hardly alone – in proving Joel Kotkin’s point from ten years ago; cities are becoming donuts, with a core of immense wealthy surrounded by immense poverty, largely via government policy.
Unbridled capitalism gave us…Williston.