Aging populations have no interest in new land

Why Alan Greenspan is wrong on interest rates

Greenspan contended that an aging population is driving demand for bonds, pushing their yields lower.

First, the regulatory environment must be such that investors can build projects that have a long life. In a 2011 paper, I pointed out that such an opportunity sits idle in New York City today. I wrote: “On the East River side of Manhattan from roughly 100th Street to 115th Street, the water is only a few feet deep. Filling in some of these relatively shallow waters would also solve another problem—that of where to deposit silt dredged from the harbor to maintain adequate depth for shipping. The land created would be valuable and have an indefinite life.”
Why are projects like this one not being pursued in Germany, and here? The answer has nothing to do with an aging population. Instead, the reason is determined opposition by environmentalists to moving earth or digging into it.

This post from the Hill picked the wrong example. Most aging people are dead before the East River get filled enough for a walk in the park.  That is why Greenspan is mostly correct, aging people die, Keynes discovered that.

Old people also remember all the crap they built that never worked. Like all those rail transit system, huge energy wasters. So Diane Feinstein is not in a hurry to let AOC build all the same worthless crap.