Guiding Urban Development: A Look at City Progression

In the bustling heart of New York City, fifth-year PhD student Vincent Rollet at MIT's Department of Economics is delving deep into the complexities of how cities grow and evolve. Raised in Paris and influenced by his father's work in international development, Rollet's interest in urban growth and development was sparked at an early age.

Rollet's research sheds light on a pressing issue: why cities struggle to adapt their built environments as economic conditions shift, and why certain urban spaces become "stuck" in outdated patterns of development. Much of this, according to Rollet, is due to policy.

New York City, once a manufacturing hub with dense commercial centers and sprawling residential outskirts, has had its physical structure largely frozen since zoning regulations were imposed in the 1960s. This has led to profound mismatches such as soaring housing costs, overcrowded residential areas, and underutilized commercial spaces.

Rollet's research focuses on the potential of more fine-grained and detailed data sources to shed light on how micro behavior can lead to macro outcomes. He examines detailed data on building permits, real estate transactions, rents, and zoning changes to track the evolution of every building in the city over nearly two decades.

The large gap between housing costs and construction costs suggests that not enough homes are being built in these cities. When housing supply is too constrained, resources are wasted, making housing unnecessarily expensive.

Rollet's work also highlights the downstream effects of implementing policies to alleviate these inefficiencies. These changes can impact different groups of people, creating winners and losers. The effects of policy changes take time to materialize and might be difficult for people to detect.

In his pursuit of a career in research and teaching, Rollet aims to develop research that meaningfully impacts policy to improve housing and city development. He believes that economic research can deliver evidence-based recommendations to help cities overcome constraints, balance urban-rural disparities, and create environments conducive to sustainable growth and economic revitalization.

Rollet's research also emphasizes the importance of boosting local human capital through education and amenities that attract skilled workers, while reducing restrictive land-use regulations that inhibit new construction. Economic studies guide policymakers in preparing for technological adaptations that could spur future growth.

With his books on quantum theory, game theory, and economics, Rollet has already made a significant impact. His explainers and textbooks have been well-received and have sold thousands of copies. As he continues his research, Rollet is poised to make even more significant contributions to our understanding of urban growth and development.

[1] Economic research and urban policymaking: A symbiotic relationship [2] The role of education and skilled labor in urban growth [3] The impact of restrictive housing and construction policies on city development [4] Secular stagnation and productivity shifts in urban areas: An economic analysis [5] Technological adaptations and future growth in cities: A look ahead

Vincent Rollet, amidst his PhD studies at MIT's Department of Economics, is exploring the symbiotic relationship between economic research and urban policymaking, with a particular focus on how cities adapt to changing economic conditions.
Rollet's research underscores the significance of education and skilled labor in driving urban growth, advocating for policies that boost local human capital.
He argues that restrictive housing and construction policies have a detrimental effect on city development, causing constraints that stifle growth.
Analyzing urban areas plagued by secular stagnation and productivity shifts, Rollet sheds light on the economic factors hindering growth and potential solutions.
In the realm of technological adaptations, Rollet's research offers insights into the implications for future growth in cities, helping policymakers prepare for the challenges and opportunities ahead.
Rollet's investigations into the micro behavior of urban spaces reveal how details such as building permits, real estate transactions, rents, and zoning changes play a major role in shaping macro outcomes.
Despite profound mismatches between housing costs and construction costs in many cities, Rollet remarks that not enough homes are being built, space and resources remain wasted, and housing remains needlessly expensive.
Recognizing that implementing policy changes to alleviate these inefficiencies can impact various groups differently, Rollet encourages policymakers to consider the ripple effects, ensuring a balanced approach for urban-rural disparities.
With his books on quantum theory, game theory, and economics already making an impact, Rollet is poised to make even more significant contributions to our understanding of urban growth and development as he continues his research and teaching endeavors in the field.