From a New York Times article mentioned by Joan Lovell at yesterday's 2050 hearing - Vishaan Chakrabarti, an architect, looks at major shifts in economics and demographics, and concludes that the suburbs are overfunded and possibly doomed:
After nearly 100 years in which suburban growth outpaced urban, millennials are reversing the trend. Once only a fraction of young college graduates wanted to move to cities; now about two-thirds do.
In the past, many of those who moved to cities in their 20s moved to the suburbs in their 30s, where schools were good, crime was low and family-oriented amenities were plentiful. But those factors are changing in cities, too. Crime has remained low, while public schools and parks have been getting better in many places.
Meanwhile, the economic challenges of starting a life in the suburbs have grown. Mortgages and car loans are harder to get for millennials, especially as they deal with onerous college debt. Though rents are increasing, it’s easier to rent an apartment in the city and take a bus or subway to work (millennials are also delaying the decision to have kids, which makes compact urban living easier).
Environmentally, the traumas of Hurricane Katrina and the Deepwater Horizon spill, the geopolitics of imported energy and the perils of domestic energy extraction all argue for a lifestyle that is more resource-efficient, particularly for parents focused on teaching their children to be aware of the world around them.
The same can be said for social values. Cities were once cast as dying places in contrast to the glowing suburban future; today, the future, inasmuch as it is tied in with issues like cultural diversity and marriage equality, is centered in the urban core.