In the last four years, myths were exploded one by one in the Sun Valley area. The question today is, what will residents do with the knowledge they've gained?
Some of the delusional myths that have been wiped away include the following:
Myth No. 1: The area's economy doesn't rely on tourism. A two-decade boom in residential development and construction led to the widespread belief that tourism didn't matter anymore. With money rolling in and 60 percent of the economy relying on residential development and construction trades, common wisdom held that increases in property values would continue endlessly and that development would always provide revenue and jobs.
Common wisdom, however, was uncommonly wrong. The area and the nation were driven to the brink of financial collapse in 2008 by Wall Street's Ponzi-scheme mortgage investment packages and corrupt financial companies.
Myth No. 2: Skiing and boarding are irrelevant to valley communities. Instead, they are retirement and second-home communities for Baby Boomers and lifestyle communities for "lone eagle" technology workers. They are "culture communities" centered around visual and performing arts. Common wisdom held that retirees, second-home owners and technology workers were the primary engines of commerce in the Sun Valley area.
When the crash came, business from these groups helped cushion the blow, but it hasn't sustained an economy that would be nearly nonexistent without the attractions of skiing and boarding on Bald and Dollar mountains in the winter and outdoor recreation in the summer.
Myth No. 3: Aspenization—a euphemism for fancy hotels, affordable workforce housing and a lot of marketing—is bad. Four-star hotels are too expensive for mountain visitors and multi-story hotels are a blight on the landscape. Workforce housing, including affordable rentals and owned units, is a financial blight that reduces the price of free-market properties. Marketing isn't needed because the area is crowded enough and new visitors make it worse.
Belief in this myth left Ketchum with aging lodging that struggles to compete, a declining residential population as recorded in the 2010 census, a dearth of young people, battered property values and businesses with a shrinking customer base. To compare, see Aspen.
Even though the crash of 2008 exploded the myths, true believers have not been dissuaded, though their numbers have shrunk. They cling to a new myth: that "things will turn around" with little effort by anyone.
This newest myth will ensure only that the valley slowly withers or doom the area to repeating the same mistakes.
