Invest
This robot can ‘predict wealth’ from outer space
If you could design the “perfect city”, what would this city look like from space?
This robot can ‘predict wealth’ from outer space
If you could design the “perfect city”, what would this city look like from space?
That’s the question that fuelled the creation of “Penny”, an artificial intelligence (AI) platform that can “predict wealth” from space.
Penny uses data from the US census, expertise from Carnegie Mellon and visualisations and high-res images from Stamen Design and DigitalGlobe to predict the wealth of different regions within virtual cityscapes.
Currently, Penny has analysed New York City and St. Louis.
Writing for the World Economic Forum, Jeff Tarr, the CEO of DigitalGlobe said Penny could “make cities smarter than is humanly possible”.
“We’re already using machines to make sense of the world as it is; the possibility before us is that machines help us create a world as it should be and have us question the nature of the thinking behind its design.”
He explained that Penny has been taught to recognise “with uncanny accuracy” the patterns of neighbourhood wealth, like the number of trees, brownstone buildings, car parks and freeways by running census data against the satellite imagery.
“It does more, though,” he continued.
“You don’t just extract information from this tool, but interact with it, using a compelling, human-centred interface. Drop a grove of trees into the middle of Harlem to see the neighbourhood’s virtual income level rise or fall.”
For example, Penny reads the Bronx area as being of a low median income bracket. Add the Empire State building and the income grows to medium-low.
Correspondingly, the area around the prestigious Plaza Hotel and Central Park drops from a high median income bracket to medium-low once a parking lot is added. Add another two parking lots and the area just up the road from Trump Tower drops to the low median income bracket.
“The basic evaluations are logical,” said Mr Tarr.
“More parks commonly indicate higher income; more parking lots, lower. But its results are not always intuitive: if you add two trees to a neighbourhood, you may not see a difference, but the third might be a tipping point. It’s not just about the urban features you add, it’s the features and the context into which they’re placed.”
Mr Tarr said that while Penny can’t yet say what the perfect city looks like, it raises a number of questions like: “What sorts of problems, even aesthetic ones, can we solve by partnering with new kinds of intelligence – and what will it take to get there?”
And: “Will we bristle at machine-told truths that violate our preconceptions about value or lifestyle? Does human emotion hinder or help our decision making?”
However, Mr Tarr argued that Penny’s real value lies in the way it can uncover unconscious biases or uncomfortable truths. Questioning whether Penny can “recognise and respect the boundaries and symbols that are so meaningful to us”, Mr Tarr said Penny could instead highlight a truth that humans are unable to see.
“The most compelling questions don’t come when that [AI] lens is turned outward – at our cities – but when it is turned directly at us.”
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more