Contrary to popular belief, most developers don't bulldoze Bambi solely to satisfy their innate avarice. Instead, they pave the Earth at the bidding of their clients -- by which I mean lenders and investors, not homebuyers, office tenants, or other such "end users." Regardless of how exciting and cool a development proposal is, it just won't happen if some faceless banker doesn't advance a big pile of cash.
As rapacious national banks swallow smaller, local competitors by the dozen, these lending decisions have increasingly fallen to bankers blindly applying generic guidelines. The result: a paint-by-numbers landscape of interchangeable (but financially safe) subdivisions, strip malls, and office parks. Any developer who dared to innovate would have to do so on his own dime -- and sure enough, many pioneering examples of New Urbanism have been backed by "nontraditional" investors like old-money families, large corporations (like Microsoft, Disney, EDS, and Ebsco), and even charitable foundations. Despite growing interest in socially responsible investing, few investors have thought of how to clean up the picture in the building industry -- source of, say some, half of America's greenhouse gas emissions.
