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<ul><li>Five recession indicators that were flashing a warning sign about the economy have since retreated.</li><li>Ned Davis Research said its Recession Probability Model has plunged to 2%, suggesting "minimal odds" of an economic downturn.</li><li>"The reversal of these historically important indicators shows why it is risky to rely on a few indicators that support a particular view," NDR said.</li></ul>Various economic indicators that suggested a recession was imminent not too long ago have since retreated, according to Ned Davis Research.That means investors probably don't have to worry about an economic recession occurring any time soon. That's an about-face from just a few months ago when various economists and market strategists were still bracing for a recession.From the Leading Economic Indicator Index to the inverted yield curve, NDR highlighted five recessionary signals that should no longer be the cause of concern for investors."The reversal of these historically important indicators shows why it is risky to rely on a few indicators that support a particular view," NDR strategist Joseph Kalish said in a Friday note.These are the five recession indicators that are no longer flashing red as the resilient US economy continues to power forward.<h3>1. NDR's Recession Probability Model</h3>NDR's internal Recession Probability Model is derived from state employment and income data, and when it hits the 50% level, it flashes an imminent recession warning.The model surged to 43.5% in December, just shy of the 50% trigger level, but it has since plunged to just 2.1% in February thanks to several data revisions and seasonal factor updates, according to NDR.That indicates "minimal odds" of a recession at this time.<div type="image" title="RPM" height="631" width="778" msid="109255522" hostid="261"></div><h3>2. Household employment levels</h3>"The household employment survey had been much weaker than the establishment survey entering this year. Adjusting household employment to the payrolls concept saw a large gain of 352,000 in March, following three consecutive months of decline. The only times that had happened was during and immediately after the GFC and during the pandemic," Kalish said. <h3>3. Gross domestic income</h3>Measuring the US economy by income levels is less popular than the consumption-based GDP measure, but it does offer insight into how healthy US income levels are. "In theory, the two measures should be equal, since one person's spending is another person's income," Kalish explained. But those two economic measures have not been equal more recently, sending warning signs about unsustainable growth in the economy. GDP was notably stronger than GDI for four consecutive quarters, with annualized GDP above 2% while GDI had failed to hit 2% during that stretch. But that finally reversed in the fourth quarter, when GDI surged to an annual rate of 4.8%, <a href="https://www.businessinsider.com/recession-outlook-economy-gdp-fourth-quarter-of-2023-2024-1#:~:text=Real%20GDP%20grew%20at%20an,point%20suggests%20still%20strong%20growth.">far outpacing the GDP reading of 3.4%. </a><h3>4. Leading Economic Index</h3>"The Conference Board's LEI had declined for 23 consecutive months, driving its six month change and diffusion indexes into contractionary territory for the economy. In February, the LEI ticked up 0.1% and the Conference Board no longer expects a recession," Kalish said. You can read more about the <a href="https://www.businessinsider.com/recession-indicator-turns-positive-positive-signal-stock-market-lei-signal-2024-3">recent reversal in the LEI index here.</a><h3>5. Inverted yield curve</h3>An inverted yield curve, which occurs when short-term interest rates rise above long-term interest rates, has long been <a href="https://www.businessinsider.com/inverted-yield-curve-next-recession-outlook-indicator-unreliable-interest-rates-2024-3">a closely watched recession indicator</a>, but since going negative in July 2022, the yield curve recession signal has failed to materialize. NDR believes that will continue to be the case."Finally, 525 bp of Fed rate hikes and an inverted yield curve were supposed to generate a recession by now. Our two indicator composite gave a contraction signal in October 2022. Since that signal, the Coincident Economic Index has gained 2.3%," Kalish said. <div type="image" title="Yield curve" height="671" width="785" msid="109255524" hostid="261"></div>

These 5 recession indicators have escaped the danger zone after flashing economic red flags

<ul class="summary-list"><li>Plant-based diets are popular for longevity, and there's good science backing the strategy.</li><li>But a new study suggests being 100% vegetarian may not be best for aging brains.</li></ul>In Loma Linda, California, there's a group of <a target="_blank" href="https://www.businessinsider.com/loma-linda-blue-zone-longevity-secrets-of-seventh-day-adventists-2023-11">Seventh-Day Adventists who tend to live and thrive</a> for up to 10 extra years beyond their fellow Americans. Not all of them <a target="_blank" href="https://www.businessinsider.com/woman-celebrating-100-shares-her-tricks-for-longevity-salad-faith-2024-8">make it to 100</a>, but they do tend to enjoy relatively good health for longer than most people in the US. That's why it's known as a "<a target="_blank" class="" href="https://www.businessinsider.com/blue-zone-location-common-factors-traits-diet-lifestyle-2023-8">Blue Zone</a>."A big part of the winning Adventist strategy seems to be the food. Adventists prioritize plants in their diet like <a target="_blank" href="https://www.businessinsider.com/how-to-improve-longevity-supplements-vs-exercise-and-diet-2024-3">beans, vegetables, and whole grains</a>, and generally don't eat a ton of meat or junk food.But a new study of more than 88,000 of Adventists across North America adds a caveat. The new research suggests that while vegetarian diets are generally good for a person's overall health, they may not be the best deal for an aging brain."Even though the vegetarian diet is doing a lot of good things, once it delivers people up into their 80s, it looks like some improvement is possible," Gary Fraser, an Adventist cardiologist and public health researcher who lives in Loma Linda, told Business Insider. "It may not be the meat of course, but it just could be."Fraser's new <a target="_blank" href="https://www.sciencedirect.com/science/article/abs/pii/S000291652400652X">study</a> showed that vegetarian Adventists living into their 80s and beyond suffered slightly higher rates of strokes, dementia, and Parkinson's disease than other Adventists who ate some meat.He has developed a two-part weekly plan for his own brain health based on his own research. It includes one daily supplement and one repeat menu item.<h2 id="c9cfc248-40a6-4359-b1db-e2f2e8b33c74">Being vegetarian is good for you in your early years</h2><div type="image" title="chickpea salad" height="2889" width="4333" msid="113604499" hostid="261" sizebytes="822814"></div>Vegetarian and vegan diets — especially bean- and whole grain-forward ones — are great at lowering the risks of life-threatening illnesses."We are kind of used to the vegetarians doing well at everything," Fraser said. "We have very good evidence that, generally speaking, vegetarian diets are very good at preventing a substantial number of what we might call 'premature deaths' in the 50s, 60s, maybe early 70s."Even in old age, a good <a target="_blank" href="https://www.businessinsider.com/loma-linda-blue-zone-lifestyle-habits-heart-health-inflammation-2023-10">anti-inflammatory</a> vegetarian diet can lower the odds of renal failure, infectious disease, type 2 diabetes, or heart disease, Fraser's latest study found.So eating ultra-processed red meat or poultry every single day isn't a longevity solution. <a target="_blank" href="https://aaic.alz.org/releases-2024/processed-red-meat-raises-risk-of-dementia.asp">Research suggests</a> that for most of us, the reverse is true: swapping a few portions of bacon here and there or regular hot dogs for some beans and whole grains would boost our cognitive health.Fraser suspects that what's going on with the aging brain and meat consumption data may come down, at least in part, to an absorption issue. As we age, our body becomes less efficient at turning essential nutrients like omega-3 fatty acids from nuts or oil that we consume into the brain food we need to thrive."The lack of the long chain omega-3s in the very elderly may be part of the problem," he hypothesized.This doesn't mean that the average meat-eater's diet is a boon for brain health. Fraser's team only studied Adventists, people who (generally speaking) have a healthier, more nutrient-dense diet than most people.Overall, it's still hard to argue with the existing body of evidence suggesting that leaning into more vegetarian items including <a target="_blank" href="https://www.businessinsider.com/why-salad-greens-are-good-for-brain-health-aging-2024-7">leafy greens</a>, lots of colorful vegetables, and a generous dollop of olive oil, is all <a target="_blank" href="https://www.businessinsider.com/foods-that-boost-brain-health-neuro-nine-list-plants-2024-7">great for brain health</a>, and certainly better than what researchers refer to as the SAD "standard American diet," which is high in ultra-processed cakes, snacks, and sugary beverages, but <a target="_blank" href="https://lpi.oregonstate.edu/mic/micronutrient-inadequacies/overview">low in nutrition</a>.<h2 id="3ce4e939-e0dc-48de-bf43-3e7cf1e6d6ee">This doctor's winning weekly routine includes fish and one supplement — the same pill longevity fiends love</h2><div type="image" title="Vitamin D supplements" height="1414" width="2121" msid="113604497" hostid="261" sizebytes="65494"></div>At home in California, Fraser, a practicing Adventist in his late 70s, follows a fairly straightforward weekly routine. It doesn't tend to include much of any red meat <a target="_blank" href="https://www.businessinsider.com/blue-zone-doctor-loma-linda-california-diet-milk-cheese-2023-9">or milk</a>, but there are two core components he points to that are aimed at preserving brain health.First, there is the fish. Fraser recommends aiming for around two meals a week that include some kind of fatty fish, with plenty of omega-3s in it. His personal favorite?"Salmon is the one I like the best," he said. But sardines, herring, anchovies, and trout are also <a target="_blank" class="" href="https://www.seafoodnutrition.org/wp-content/uploads/2023/06/New-Omega-3-Seafood-Chart.pdf">nice choices</a>.Salmon is a great source of omega-3 fatty acids, which are essential for keeping our brains healthy. Previous research has already suggested there are strong connections between omega-3 consumption and better cognition. One <a target="_blank" href="https://news.uthscsa.edu/study-links-omega-3s-to-improved-brain-structure-cognition-at-midlife/">2022 study</a> found that middle-aged adults who consume omega-3s regularly tend to have better abstract reasoning and that the areas of their brain responsible for learning and memory are physically bigger.Fatty fish, meat, and eggs are also rich in the nutrient choline. Choline keeps our cells healthy, and helps with memory, mood, and overall brain function. While there is a <a target="_blank" href="https://ods.od.nih.gov/factsheets/Choline-HealthProfessional/">good dose</a> of it in soybeans and potatoes, it tends to be most abundant in meatier items like chicken, beef, eggs, and fish."Choline is another very important chemical in brain tissues," he said. "And again, vegetarians don't get much of that."In addition to the regular fish portions, Fraser also takes a whopping 4000-5000 IUs of vitamin D per day — more than five times the daily <a target="_blank" href="https://ods.od.nih.gov/factsheets/VitaminD-Consumer/">recommended</a> dose for his age group (800 IU). Many other longevity physicians and public health experts, including Dr. Anthony Fauci, also say they <a target="_blank" href="https://www.businessinsider.com/vitamin-d-and-longevity-anti-aging-2023-9">pop big doses of vitamin D</a>. Fraser says he feels comfortable with such a colossal dose because he knows that our ability to absorb vitamin D from the sun wanes with age. Plus, in addition to being good for bone health, there is <a target="_blank" href="https://tellus.ars.usda.gov/stories/articles/consumption-vitamins-d-and-k-may-keep-memory-diseases-away">some evidence</a> that vitamin D is good for preserving brain function.But Fraser says generally speaking, people under 70 don't need to worry so much about all this. As we age, the way the body works and absorbs nutrients changes.It's still not totally clear why, but Fraser says: "by the time you reach the age of let's say 75 or so, you'd be wise to add some fish until we know better."

What a Blue Zone heart doctor eats every week for brain health — including 1 supplement

New Delhi: <keyword id="22803368" type="General" weightage="100" keywordseo="Smartworks-Coworking-Spaces" source="keywords">Smartworks Coworking Spaces</keyword> Ltd has filed preliminary papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="345" meta.entityid="Sebi">Sebi</keyword> to raise funds through an <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (IPO). The proposed initial share sale is a combination of a <keyword id="20953853" type="General" weightage="20" keywordseo="fresh-issue" source="keywords">fresh issue</keyword> of equity shares worth Rs 550 crore and an Offer For Sale (OFS) of 67.59 lakh shares by promoters, according to the <keyword id="20076796" type="General" weightage="20" keywordseo="Draft-Red-Herring-Prospectus" source="keywords">Draft Red Herring Prospectus</keyword> (DRHP). The city-based company may consider raising Rs 110 crore through a <keyword id="22244028" type="General" weightage="20" keywordseo="pre-IPO-placement" source="keywords">pre-IPO placement</keyword>. If such placement is undertaken, the amount raised will be deducted from the total fresh issue size. Proceeds from the fresh issue to the tune of Rs 282.30 crore will be used for capital expenditure related to the fit-outs in new centres and security deposits for these new centres, Rs 140 crore will be allocated for payment of loans and the remaining funds will be utilized for general corporate purposes. Smartworks Coworking Spaces Ltd is a leading platform for office experiences and managed campuses. It specialises in leasing large, bare-shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with modern amenities. These campuses include cafeterias, sports zones, gyms, crA"ches, medical centres, and more, offering a modern and attractive work environment. The company cater to businesses of all sizes, with a focus on mid-to-large companies that need over 300 seats. The company is concentrated in cities including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram and Chennai. India's commercial office space was about 841.2 million square feet as of March 31, 2024, and is expected to grow at an annual rate of 6.71 per cent to 1,079.3 million square feet by the end of 2027, as per the draft papers. Flexible workspaces have become a key part of modern work culture, supporting different working styles and adding flexibility to the office market. JM Financial Ltd, BOB Capital Markets Ltd, IIFL Securities Ltd and Kotak Mahindra Capital Company Ltd are responsible for managing the company's IPO process.

Smartworks Coworking Spaces files IPO papers with Sebi; eyes Rs 550 crore via fresh issue

Security agencies will be deploying artificial intelligence-based security systems with enhanced <keyword id="22713904" type="General" weightage="20" keywordseo="surveillance-features" source="keywords">surveillance features</keyword> and automated crowd estimation facilities at and around <keyword id="20283480" type="General" weightage="20" keywordseo="Red-Fort" source="keywords">Red Fort</keyword> on the upcoming Independence Day, sources said. A document accessed by the reveals that CCTVs having video analytics features will be deployed at important locations at the venue. The intelligence video surveillance system will have features like a vehicle number plate recognition system, face detection, people movement counting, tripwire, audio detection, intrusion, defocus, and abandoned or missing objects. "We will also be using AI-armed cameras to count the entry and exit of people inside the premises. The estimation of the crowd will be done through AI," an official added. The cameras, said the official, will have the capability of detecting abandoned baggage in public places. Intrusion detection features will be the security of high risk. Different zone-based alarms can be set as per priority and sensitivity of each zone. The advanced FRS facility will be in recognition of faces on live cameras as well as on recorded videos. Detect any matches with faces on the "Watch List" database and provide alerts to the control room. Detecting multiple faces from group images and searching for similar faces from a single camera or across multiple cameras. An enrolled person can be searched by names or similar faces and also search via. unknown faces using a single image or group photo. Divulging further details on the new changes, a senior government official informed that they have been using a <keyword id="20903661" type="General" weightage="20" keywordseo="facial-recognition-system" source="keywords">facial recognition system</keyword> for the past several years but this year they will be deploying Number Plate Recognition (NPR) that will have vehicle plate detection based on real-time 24x7 video processing. It will immediately video record and snapshot each vehicle or violated vehicle. It will be integrated with multiple cameras or sensors for driver image capture. Delhi police will be deploying more than 700 CCTVs and more than 150 cameras having video analytics features. More than 10,000 security personnel, including Delhi police and paramilitary jawans, will be deployed in and around the Red Fort and other crucial locations in central and north Delhi. A team of central intelligence agencies and all concerned security agencies visited the Red Fort and held a security review meeting recently for the Independence Day event. At the review meeting, held in the backdrop of the attack on former US president Donald Trump during a public meeting, additional arrangements would be needed to maintain a stricter vigil at the high-security event, reliable sources claimed. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Security forces to deploy AI-based security systems at Red Fort on Independence Day

<ul class="summary-list"><li>Costa Rica's Nicoya Peninsula is one of the world's blue zones, where residents live longer.</li><li>I tried the Costa Rican diet for about two weeks and saw big differences to meals in the US.</li></ul>Last month, as I explored <a target="_blank" href="https://www.businessinsider.com/costa-rica-pacific-coast-travel-guide-2024-6">Costa Rica's Pacific coast</a>, I took particular care to visit the Blue Zone of the Nicoya Penninsula.I'd heard the residents there <a target="_blank" href="https://www.businessinsider.com/blue-zones-nicoya-costa-rica-whole-food-calcium-exercise-rest-2023-9">live longer, healthier lives</a> than the global average, and I wanted to find out what made that little stretch of the Central American coast so special.Part of the key is the gorgeous weather, where temperatures rarely fall below 70°F year-round, strong social connections to the local community, and plenty of daily movement — though not much vigorous exercise. But there are also clear differences in the local diet here compared to both elsewhere in the country and around the world.Here are three ways I've brought elements of the Costa Rican <a target="_blank" href="https://www.businessinsider.com/nicoya-costa-rica-blue-zone-diet-protein-more-full-energy-2023-9">Blue Zone diet</a> back home.<h2 id="a09508e5-2d65-4672-b596-90e1dff41dde">Eat more fruit</h2>Fruit is abundant in Central America, with fresh produce including watermelon, cantaloupe, pineapple, and mango served at nearly every meal.It's also a common mid-morning or afternoon snack to quickly boost energy levels and refresh yourself in the jungle heat.<div type="image" title="A close up of cut cantaloupe and watermelon on a table in the jungle of Costa Rica." height="1080" width="1440" msid="111012414" hostid="261"></div>Fresh smoothies are also common throughout the country and make it easy to feel full without a heavy meal weighing you down.I already try to keep a bowl of cut fruit in the fridge for easy enjoyment, but my travels in Costa Rica reminded me to go beyond my staples of berries and bananas. While I can't get the same quality pineapple, even in sunny southern California, having some regularly can bring a little pura vida back home.<h2 id="20feb426-cde9-4abf-9f4d-56ae7414eff4">Prioritize fish and chicken for protein</h2>During nearly two weeks of traversing the country, we had to intentionally seek out red meat if we wanted it.In Costa Rica, locals prioritize fresh fish and chicken if they have a meal with protein — and, often, protein isn't the star of the dish.<div type="image" title="A bowl of ceviche and patacones (smashed, fried plantains) at a restaurant in Costa Rica." height="3024" width="4032" msid="111012412" hostid="261"></div>Nearly every sit-down restaurant or small open-air cafe (called a soda) we visited offered fresh ceviche served with smashed, lightly fried plantains called patacones. Other mains often included whole roasted fish or shredded, marinated chicken with rice and beans.It makes sense why lean meats would be a staple of longevity-focused diets. Numerous studies have linked red meat with <a target="_blank" rel="" href="https://www.businessinsider.com/why-plant-based-diets-are-good-for-overall-health-longevity-2019-8">earlier deaths</a> and several types of cancer — especially <a target="_blank" rel="" href="https://www.businessinsider.com/new-guidelines-cut-red-processed-meat-to-reduce-cancer-risk-2020-6">colon cancer</a>.<h2 id="906029cf-228f-45c4-bae0-47b0c0542879">Allow simple, balanced ingredients to shine</h2>A typical Costa Rican breakfast includes a traditional dish of rice and beans called gallo pinto, fresh fruit, and simple proteins like eggs or, occasionally, pork or chicken sausage, or shredded chicken.For lunch, ceviche with patacones or a grab-and-go chicken and vegetable empanada would be common.Dinners, such as roasted fish and basic salads with rice, are simple and light but fulfilling.<div type="image" title="A white plate with a typical Costa Rican breakfast: eggs, gallo pinto, sausage, plantains, and pineapple." height="3024" width="4032" msid="111012422" hostid="261"></div>The thing they all have in common? A focus on simple, balanced meals made of lean proteins and fresh produce. It's old wisdom, but there's a reason this advice has stood the test of time.In Costa Rica, fad diets — from <a target="_blank" href="https://www.businessinsider.com/carnivore-diet-claims-eating-only-meat-helps-fitness-weight-loss-2022-5">carnivore</a> to <a target="_blank" href="https://www.businessinsider.com/intermittent-fasting-benefits-and-risks-for-longevity-weight-loss-cancer-2024-4">intermittent fasting</a> — don't have the same pull as in the US. The tried-and-true formula of whole foods is part of why people in the Nicoya region live so long, and it became tried-and-true for a reason.

3 easy ways to bring the Blue Zone diet home from Costa Rica's Nicoya Peninsula

<ul class="summary-list"><li>Kamala Harris says she wants to 'cut red tape' to boost the housing supply and reduce costs.</li><li>There's new evidence out of Zurich that reducing restrictions on housing construction boosts supply.</li></ul>As part of her housing policy agenda, Democratic presidential nominee Kamala Harris has <a target="_blank" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">promised to</a> "cut red tape and needless bureaucracy" to build millions of additional homes and bring down costs.Economists and urban planners say that to make housing more abundant and affordable, we need to loosen zoning regulations in many neighborhoods and legalize the construction of denser, taller housing, such as duplexes, townhomes, and apartment buildings.A few countries have already figured out how to do that.Zurich, Switzerland offers the latest model. As a small, mountainous country with limited buildable land and high demand, Switzerland has long been sensitive to urban sprawl. Starting in the mid-1990s, Swiss citizens voted to densify various parts of the Canton of Zurich, one of the country's 26 states and home to its biggest city.<div type="image" title="Apartment buildings are pictured behind farm houses in Affoltern, just outside Zürich." height="837" width="1280" msid="113149723" hostid="261" sizebytes="224202"></div>The canton didn't uniformly alter its zoning laws. The citizens of each municipality voted on various proposals to "upzone" or allow more housing units by loosening zoning restrictions. The process was slow and staggered, and the average upzoning was quite incremental — think of a home with three floors that can add one extra floor. Much of the rezoning took place in neighborhoods surrounding Zurich's medieval city center, which is protected by historic preservation.Twenty-five years into this process, <a target="_blank" href="https://www.sciencedirect.com/science/article/pii/S0094119024000597#sec2">a new study by Swiss researchers</a> has found that upzoning boosted living space and housing units by a significant amount — about 9% in the subsequent five to 10 years — while keeping rent growth under control. The study found that areas that were hungriest for new housing were the most responsive to the policy changes. Areas with high demand, evidenced by high rents and home prices and already constrained by limits on housing, saw the most new construction. And the more density allowed, the more impactful the effect.One of the study's key findings is, "if you upzone, upzone a lot," said Simon Büchler, coauthor of the study and an assistant professor of finance at Miami University. "Give people the incentive to build."It provides more evidence that supply and demand can be harnessed to keep housing prices in check. Another example comes from New Zealand, where Auckland's upzoning measures legalizing the construction of medium-density housing <a target="_blank" href="https://www.businessinsider.com/america-lower-rents-home-prices-build-more-houses-new-zealand-2023-8">slowed down skyrocketing housing costs</a>. And <a target="_blank" href="https://www.nber.org/system/files/working_papers/w29440/w29440.pdf">a study of São Paulo's upzoning</a> found similarly positive impacts.Zurich shows that upzoning is necessary but not sufficient. Allowing for more housing boosts affordability, but it takes time. There are a slew of other necessary fixes to bring housing costs down — from building-code changes to long-term expansion of services, infrastructure, and amenities."People think they're going to upzone and they're going to solve the affordability crisis in a couple of years. They're wrong," Büchler said. "This is a long-term solution, but it is a solution that's necessary and that works."<div type="image" title="Homes in the town of Küsnacht on the banks of Lake Zurich in Switzerland." height="696" width="1280" msid="113149727" hostid="261" sizebytes="131134"></div><h2 id="8d4a990d-dceb-46a3-a92c-5f7d590f5db3">Knee-capping NIMBYism</h2>There are a few elements of Swiss law and society that make parts of the country more welcoming to development and resistant to NIMBYism, or "Not In My Backyard" anti-development sentiment, that cripples so much new construction in the US.Unlike most American cities, Zurich is a society of renters rather than homeowners. More than 70% of households are tenants. While property owners are incentivized to oppose additional housing in their neighborhoods that would boost supply and depress their home values, renters tend to be much more supportive of development that keeps rents affordable.It also helps that European cities are generally more accomodating of higher-density living. A whopping <a target="_blank" href="https://www.ft.com/content/dca3f034-bfe8-4f21-bcdc-2b274053f0b5">64% of Swiss residents live in apartments</a>, compared to just 28% of US residents, and the country also has an especially comprehensive and well-connected public transportation network. While Zurich's <a target="_blank" class="" href="https://www.zh.ch/de/soziales/bevoelkerungszahlen.html?keyword=einwohner#/home">population has grown significantly</a> over the last quarter century, European cities tend to have more restrictive immigration laws than their counterparts in Canada, the US, and New Zealand."This evidence from Europe is important as it shows that upzoning can increase supply even in places where density is relatively more common and accepted, and overseas migration is less of a factor," Matthew Maltman, an Australian economist who's closely studied New Zealand's housing reforms, told Business Insider.There's also a lot of certainty around how regulations function in Zurich, as opposed to in the US or New Zealand, which include more veto points in the building process, Maltman said. While developers can't apply to local authorities to bypass zoning regulations, local residents also can't lobby to stop a project from happening if it abides by the rules.At the government level, municipalities are incentivized to welcome new residents because they disproportionately rely on income taxes for revenue, Büchler noted. Property taxes in Switzerland are very low, so the more density a city or town allows, the more income tax they can collect.Büchler plans to investigate how rent changes in Zurich compare with other parts of Switzerland to get a better sense of the price impacts of upzoning. Ideally, deregulating zoning would bring prices down. But Büchler considers it a win that rents were unchanged in Zurich, when adjusted for housing quality, even as the canton's population and demand for housing grew. "It doesn't mean that upzoning didn't help. What it means is that without the upzoning, we would have seen even more rent increases than what we've seen," he said.Zurich's example is crucial in informing policy change in places like the US because real-world evidence of the effects of upzoning can help convince governments and voters to act."Economists have argued the case for zoning reform based upon other evidence — usually based upon economic theory or sophisticated economic models," Maltman said. "It can be easier to sell the public on place X implemented policy Y and it had Z effect."

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