A New Atlantis

Housing in Britain is facing affordability challenges due to bloated planning restrictions, with the average home cost being 9.1 times median earnings. A proposal suggests reclaiming Dogger Bank, an area almost the size of Wales, to address the housing crisis. The estimated cost of this project is £97.5bn, with potential benefits valued at £622bn. The process involves building a seawall, pumping out water, and filling the area with rock. Infrastructure costs for ports, power generation, and telecommunications are estimated at £6129 per capita. The project's economic benefits include increased economic activity and agricultural land value. The analysis indicates potential GDP gains under imperfect mobility scenarios, with the new city's productivity compared to London or Bracknell. The proposal suggests that creating a new city with relaxed restrictions could be more valuable than easing restrictions in existing cities. The success of the project hinges on various factors, including cost-benefit ratios and potential economic impacts.