Amusing A-1 article in the local paper, snapped by Spencer Ackerman as he and I checked out a local comic book slash record store:
It’s interesting how locally prevailing rents structure the retail environment. I find it very difficult to imagine that any store in Washington, DC could possibly stock the extensive collection of back issues that they have at Eide’s. Storing old comic books is very space intensive and the inventory’s just not going to turn over that rapidly. In a high-income, supply-constrained environment like Washington, it doesn’t work. And that, in turn, is a reminder that while high property values are often a symptom of prosperity, they’re not a cause of it. High rents reduce the number of viable businesses which, in turn, reduces the availability of jobs. A metropolitan area with high incomes and high rents would do well to try to reduce the number of supply constraints and open up new opportunities for business.