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Schleicher Comments Cited in Urban Development Article

The author of an article on crowdsourced real estate investment cites the observations of Professor David Schleicher in his analysis.

"As George Mason University Law School's David Schleicher has observed, despite the stereotype of politically powerful real-estate developers, in practice most cities' legal framework 'creates a peculiar procedure that privileges the intense preferences of local residents opposed to new building,'" the author writes.

"Perhaps if people owned little slices of their neighborhood, urban politics could take a broader view of development and unleash more of the economic potential sitting beneath our cities," concludes the author. 

Own Your Neighborhood, Slate, June 5, 2013. By Matthew Yglesias.

Excerpt:
"The real promise of Fundrise is that it gives pro-growth members of the community a way to become literally and figuratively invested in the success of a project. A building owned by hundreds of local people, rather than owned as part of a pooled investment vehicle marketed to pension funds, is one that’s much more likely to get a sympathetic hearing from local authorities. It’s also one that’s much more likely to inspire people to show up to meetings and hearings and make the case for development and expansion."

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