Edmonton's "Abundance" Housing Policy: A Failure of Deregulation

The "Abundance" Agenda and Its Pitfalls

• 💡 The "abundance agenda," championed by figures like Ezra Klein, proposes loosening development restrictions to solve housing crises.
• 🎯 However, in Edmonton, Canada, decades of loosened restrictions have not solved the housing crisis and have instead fueled rampant speculation.
• 🔑 Developers are profiting significantly, even as affordable housing disappears and is replaced by luxury developments.

Speculation and Displacement in Edmonton

• 🏘️ Edmonton has seen apartment buildings become "ghost hotels" due to a lack of regulations around Airbnbs, exacerbating the housing crisis.
• 📈 Developers are buying up lots in mature neighborhoods, building up to eight units, and outbidding individuals seeking affordable homes.
• 💔 This speculative development has led to the displacement of residents, including a single mother who was forced out of her home.

Polling Data on "Abundance" vs. Populism

• 📊 A Demand Progress poll indicates that the "abundance" argument is less persuasive than a populist message focused on corporate accountability.
• 📉 When described, the "abundance" argument, which focuses on deregulation and bottlenecks, makes voters less likely to support a candidate, particularly Democrats and independents.
• 🗣️ Conversely, a populist message highlighting corporate power, price gouging, and the need for government investment resonates more strongly, especially with independents.

Critiques of the "Abundance" Approach

• 🚫 Critics argue that deregulation without policies like vacancy taxes or investment in affordable housing only benefits investors.
• 🏛️ The "abundance" approach is seen as a technocratic and confusing message that fails to address the root causes of inequality and commodification of shelter.
• 📢 The strategy of appealing to suburban Republicans by embracing deregulation is viewed as a failing tactic that ignores the need for economic redistribution and government action.

The Disconnect Between Pundits and Public Opinion

• 🧠 Pundit class often misinterprets public sentiment by relying on insights from their own social circles, leading to a disconnect with broader electorate values.
• 📉 The "abundance" agenda's focus on attacking government regulation is seen as political suicide, especially after the government's demonstrated capacity during the pandemic.
• 🚫 There's a strong public desire for government intervention to address issues like wealth inequality and corporate power, which contrasts sharply with the deregulation-focused "abundance" narrative.