Looking back at runaway housing inflation, and seeing the breadth of spec development that it spawned, and wondering how severe the impact is going to be when it all collapses, I came up with what is in retrospect a brilliant idea:
Tie development impact fees to the prime lending rate.
The lower the lending rate goes, the higher the impact fees. That would help put a governor on the misperception of instant riches to be found in unrestrained development.
There’s some applicable saying about “hindsight”, but there’s another one involving a barn door and a horse.