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I'm not sure why the two equilibrium positions are all bars or no anything. If a street were all bars, wouldn't there be so much competition that no one could make any money?

Meanwhile, doesn't the limitation on restaurants make them better able to afford high rents? If there's limited restaurant space, anyone with a restaurant slot can charge a higher rent because of scarcity.

Finally, if Woodley Park is any indication, I'm not sure the limit provides much benefit. There are some crappy retail "souvenir" stores (CIA hat anyone? So witty!), a CVS, some dry cleaners, and a bunch of mediocre restaurants (and some good ones). I'd rather leave it to the market to work things out, rather than restaurants continuing to serve simply to hold their slot.

by ah on Apr 29, 2009 2:10 pm • link • report

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