Panel
Harnessing Technology for the Future of Cities
Milken InstituteMichael Burke, Brogan BamBrogan, Dale Bonner, Eric Garcetti, Artie Minson, David Plouffe, Mike Burke
- Global urbanization is projected to add 2.5 billion people to cities by 2050, necessitating over $50 trillion in infrastructure upgrades to address crumbling systems and increasing burdens, a challenge described as spanning 10 to 30 years for long-term city reimagining.
- Los Angeles intends to operate as an innovation platform by opening government data, partnering with firms like Waze and Xerox for a "Go LA" app, and collaborating with logistics companies like Cargomatic and Hyperloop Technologies to test and export solutions to other global cities.
- The city plans to increase density and tax bases through small lot subdivisions replacing single-family homes, zoning for shared living spaces, and embracing taller building structures, specifically anticipating needs for Hyperloop infrastructure connecting suburbs 60 to 70 miles away or 30 to 40 miles away via rapid transit.
- The mobility sector expects a shift away from car ownership toward shared services and autonomous vehicles within five to six years, potentially reducing construction requirements for parking, eliminating stoplights, and lowering transportation costs to a few cents per mile.
- Hyperloop Technologies aims to run a full-scale, full-speed prototype by the end of the current year, targeting a deployment cost of $200 million per mile to enable freight transport in the U.S. and passenger travel internationally, with the capacity to double port efficiency and connect outlying areas to central stations in minutes.
- Demographic trends indicate a drop in home ownership by 600 basis points since the last recession, driven by a preference for renting and the sharing economy among mission-driven millennials, leading to the rise of lifestyle brands like WeLive and integrated real estate strategies.
- Governments face the risk of eroding revenue from vehicle registration, licensing, and parking fees as driving declines, creating a financial imperative to modernize funding systems and adapt regulations on a six-month cycle to keep pace with rapid technological change.
- Experts anticipate a significant lag between infrastructure planning and delivery, warning that delays will drastically increase costs, and recommend immediate investment in diverse mobility systems including high-speed rail and Hyperloop rather than waiting for clear demand.
- Public-private partnership models are expected to evolve toward more balanced risk allocation regarding technology and financing, with calls for governments to take risks and review regulations frequently while companies listen more closely to public sector guidance.
- Only a small fraction of government agencies currently engage meaningfully with modern mobility technologies, prompting calls for regulatory frameworks that are specific rather than ad-hoc, and for a debate focus on economic growth and mobility over restrictive regulation.