As rents climb and homeownership slips further out of reach, housing has become an ideological fault line. In cities like San Francisco, Los Angeles, and Boston, debates over zoning, public investment, and tenant protections are leading to electoral coalitions.

In New York City’s mayoral race, Mamdani’s rent freeze proposal received a lot of populist support. Scott Beyer highlights a significant solution to the housing crisis could be the conversion of preexisting buildings into residential units. However, zoning laws and aesthetic regulations are hindering urban revitalization efforts. As cities grapple with affordability issues, the solution may be workable…if regulators are willing to step aside.

Also this week, Craig Eyermann finds a rare fiscal bright spot, pointing out that despite the $37 trillion debt milestone, interest payment growth has slowed thanks in part to early-term restraint. But with the One Big Beautiful Bill now law, that silver lining may be short-lived.

Sam Jenson delivers a reminder that unchecked police power corrodes civil liberties.

I note how the White House’s AI Action makes an important and welcome departure from European Union-style AI regulations.

As President Trump’s Alaska summit with Vladimir Putin sparks global debate, Ivan Eland argues that sidelining Kyiv risks turning peace talks into theater.

Happy reading.

Jonathan Hofer
Managing Editor