How is 1.5M finance type money? It’s more like two midlevel lawyers. Which DC has in droves. |
NP. At current interest rates, yes. |
What do you mean by finance type money? What's your difference in their incomes? |
Basically lawyers, lobbyists, consultants are doing well while the middle class is completely hollowed out in this country, so places like DC are exploding while places with more blue collar jobs like say Baltimore or St Louis etc are doing terrible. The other symptom of this is that rents are stagnant while property values in places with white collar jobs explode. Couple this with low interest rates, and this discrepancy is really getting quite pronounced. As to where things go next? It’s anyone’s guess but I see the trend continuing for a while.
The two biggest wild card factors in my mind that could put a damper in the trend in my kind are taxes and interest rates. If rates really blow out this could put a damper in demand. If taxes really ramp up on high earners in the 200-1mm range this could also put a damper on demand. The other wild card factor worth mentioning is that if this economic recovery really stalls and we do start to see job loss trickle into the white collar sphere, that could be bad for dc real estate prices. We will see what happens. It’s always interesting in markets. |
DC (and DCUM) tends to suck at quantitative things. Most of finance (and law) pulls in much less than $1.5M in HHI. But you’re wildly more likely to see that HHI (or higher) in finance than in law. |
"Where’s the PP who insisted WFH was permanent?"
Not that poster but this is just re: NYC municipal workers. What about private sector workers? I read that twenty top tech and finance firms are decamping for FL b/c of the proposed massive tax package. |
Compare DC to New York to realize how fortunate we have been during the pandemic. Much smaller city, but people who put the city above politics. |
Companies moving their headquarters is not a WFH revolution. That happens all the time. Also that piece aside I think tech will be one of the few industries that actually moves more towards a WFH model because of their workforce. But maybe not because younger workers might want the ability to socialize. Very isolating otherwise. |
Are we living in the same city? In my part of town violent crime is through the roof and the homeless encampments are growing daily. Vaccine distribution has been a farce at best. |