new economic growth

new economic growth. new economic growth. The exercise requires no research. Since the problem is largely fictional and hypothetical, research would probably be more counterproductive than helpful. It is mandatory for all students. No late papers will be accepted. Keep a copy of your paper in the event your original is misplaced.

Part I: In US cities experiencing rapid economic growth the cost of rental housing has skyrocketed. After the recession of 2008, construction of new housing plummeted as thousands of foreclosures created a glut of empty homes. Demand for new housing construction collapsed. However as the economy recovered in many urban areas, housing demand has now outstripped supply, and rental prices are making housing inaccessible to thousands.

“Airbnb” and other short-term rental platforms have been a boon to travelers in recent years, offering lodging that is cheaper, better located or more interesting than traditional hotels. But as such platforms have grown, housing advocates have become increasingly concerned that what’s good for visitors is bad for residents – that as more landlords rent out their units (more profitably) to out-of-towners on Airbnb for short term vacation of business travel instead of offering them to local (i. e. “permanent,” city residents) to inhabit, they are exacerbating severe housing shortages, driving up rents. Airbnb and its supporters dispute this claim, arguing that most spaces offered on its platform would otherwise be vacant

Congress in response to complaints about a rental housing shortage in areas of new economic growth investigated the crisis and made the following findings:

1. Individuals from regions with little or no economic growth (high unemployment) would like to move to high job growth, high opportunity communities.

2. However, the exorbitant cost of rental housing in the high growth communities is deterring qualified workers from moving, making it difficult for growth industries to find qualified workers.

3. Companies unable to find and hire qualified employees scale back their manufacture or service, stifling economic growth.

Accordingly Congress enacted (and the President signed) a sweeping legislative package to ameliorate the housing crisis. The central feature of the Congress’s plan is a set of subsidies to encourage prospective rental housing owners to acquire land and and build rental units.

New rental construction is designed to address the long term problem. In the meantime Congress set about trying to enhance the stock of current rental units by a variety of measures including by shifting existing short term rental housing like Airbnb to long term residential/rental use. Because the impact of short term rental platforms on the quantity and quality of long term rentals varies from location to location, Congress was unable to legislate a nation wide solution with any precision.

Instead Congress delegated the task to the US Department of Housing and Urban Development (“HUD”), a federal agency charged with strengthening the housing market. Congress granted HUD the authority to regulate and proscribe Airbnb (and other similar short term rental housing platforms). It instructed HUD to “exercise its discretion so as to maximize the long term rental stock in every community by shifting enough housing from short term rental platforms to long term rental platforms so as to stabilize rental prices at 2012 levels.” HUD is authorized to prohibit or restrict Airbnb type short term rentals. HUD further was authorized to exercise its discretion NOT to achieve the 2012 price target “if HUD determined such a price rollback was impracticable.”

A. Discuss whether the US Constitution permits Congress (in light of US v Morrison, Whitman v American Trucking and Clinton v New York) to authorize the Executive Branch (HUD) to undertake such program. (10) points

B. What would Madison and Hamilton’s positions be on whether Congress and the President may Constitutionally implement the program above in light of Federalist 51 & 70. (10 points)

Again, your conclusions/predictions about the final outcome of the case are NOT important. What is important is that you demonstrate the capacity to discuss all sides of the problem; that is present the best arguments that Paulson’s and President’s attorneys would make about the nature of the President’s authority over armed conflict and the inner workings of the executive branch. (15 points)


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new economic growth

new economic growth

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