Don't get me wrong, money makes the world go round and that's a good thing. Capitalism might have it's flaws but it's way way way better than anything else humanity has ever tried (funny thing, the first half of Marx's Das Kapital basically hails capitalism and its achievements as a "wonder of the world").
What's not a good thing is regulatory capture.
Quote:
Regulatory capture is a form of government failure which occurs when a regulatory agency, created to act in the public interest, instead advances the commercial or political concerns of special interest groups that dominate the industry or sector it is charged with regulating.
Look, I work in real estate. I've crossed paths with a lot of big developers. Most of them are an intersection of riverboat gambler meets whore meets Jay Gatsby. Many of them are crooked. Ever see a traffic light somewhere that just doesn't make sense other than to benefit a new real estate development? Cash probably went under the table. It happens more than most would think. There's also an enormous amount of "corruption lite" of people going back and forth between the public and private sector (e.g. being a building inspector then working for a developer, vice versa, working in planning and zoning, then working for a developer, etc.).
In a race between your local planning and zoning board and HUD... it's close for which would be more corrupt. I've often said that HUD is the most useless and corrupt Federal agency we have. It's original intent as an organization was well-founded but now it basically serves as a guarantee the checks of developers and landlords. Tenant protections and tenant protection enforcement in public housing are both laughable and might as well not exist.
Just look at this shit:
https://twitter.com/citylab/status/1116830210316488704
Tell me how Hudson Yards, a brand new multi-billion dollar development that will primarily house and cater to the upper class qualifies... in ANY terms... as "distressed urban area"? That map is the manifestation of all that is broken at the Federal, State, and Municipal level.
That's just one example. Stuff like this happens ALL THE TIME and it has for decades but it mostly goes unnoticed.
Again, I work in real estate and I'm all for capitalism. Both have benefitted me enormously. However, I also take the long view. The way developers in the U.S. do business is not sustainable or functional by any stretch... and it's mostly because they've gotten their way and there hasn't been push back. Look developers are very good at getting things done and the market needs them for that purpose. Could you imagine a municipality trying to build a building? Or a series of buildings??? I've seen it attempted. It's horrendously inefficient. However, just like any group, you can't let developers have their way on everything all the time. There has to be public involvement and everything needs to be transparent and above board.
If people want functional cities they need to get involved in the civic process. Show up to planning and zoning board hearings. Demand from your local politicians that said hearings not be one way presentations (more and more municipalities are basically making it impossible for everyday citizens to actually say anything at said meetings). Make planning and zoning an issue for local elections. Most importantly STOP GIVING DEVELOPERS TAX BREAKS. Doing so just offloads the tax burden onto existing properties (it is a zero sum game) which reduces upkeep on said properties which, shocker, just drives the demand for more new development further down the road.