YIMBYs have been backpedaling away from affordability promises. Now they talk about “more attainable” housing. But for whom? They always leave that part out because it’s just for rich people. |
Do the math. Buy a place in Watergate for 2 million dollars. A new tower comes up between the Watergate and Kennedy Center. With all of those new units, does the Watergate lose value? Or as economics shows us, more buyers flood the new buildings until there is a stasis between the two. Now, with two buildings with an equal number of units, as they turn over, there is more selection thus keeping prices down. But at no point, does the Watergate LOSE value. Please point to a place where a YIMBY said that market values would decline because of the new units, because I doubt anyone made that assertion. |
Uh, that is the developers, the ones most NIMBYs call evil and greedy, exerting pressure on the system, including elected officials. |
No, that was developers providing data for a housing report that planning did after putting a lot of intellectual and political capital into duplexes. Probably would have made more sense to see if the idea would pencil out before pushing for it. |
Eric Saul (and retweeted by the former planning chief of staff): We forget that many renters are in single family homes are paying around $3-4k/mo. in Montgomery County. They can do so because a 2-bedroom apt. costs 3k/mo. We need more supply to lower prices across the board. And don’t forget all the promises about filtering. Turns out developers are smart enough to control supply to prevent prices from falling. |
That is rental prices. I was referring to sales prices. There is a difference. |
Wait you still think YIMBYism is going to lower rental prices without an oppressive regulatory intervention? That’s hilarious. |
You need to understand what was meant by "lowering prices across the board" - but I don't think he meant in raw dollar numbers, but rather mitigating prices over the long term in a relative manner. Supply and demand suggests this is the case. |
Or I could just read the words he actually used. |
What is happening is that the planners are working not from a perspective of practicality or promoting economic development and improving but of ideology and self-aggrandizement. They thought they would get accolades from their peers and affirmation on Twitter if they pushed missing middle. They had even already included it in the Silver Spring and Adjacent Communities plan and were conducting public meetings about the merits of stacked fourplexes before getting pushback. Following that pushback, they were forced to actually prepare the missing middle housing report which looked at the feasibility of missing middle. The data provided by developers in that report makes it absolutely ridiculous that they were allowed to spend so much taxpayer time and political capital on something that doesn’t pencil out. And all because they were probably looking for likes and RTs on Twitter or am award from their industry association or something for pushing through a plan that has zero practicality for our community. But it certainly was all about them and not for the benefit of the community. |
No, but the dumpy, low-income apartment building across the street from the Watergate sudddenly gets more expensive, either because the owners can ask for higher rents or because the building is now so valuable that it gets sold and torn down to be replaced by -- you guessed it -- a new luxury tower. How does that stasis between market-rate buildings help the people who used to live in the dumpy, low-income apartment building across the street but now can't afford it? |
No one disagrees that supply and demand dictate pricing. The problem is that local YIMBYs are unwilling to accept that their policies have failed to produce adequate supply. |
There’s plenty of literature showing that additional construction drives down purchase prices in immature markets. There’s also plenty of literature showing that doesn’t work in mature markets because existing inventory is a really big number so growth (as a percentage) will be a small number because of the base effect. But our YIMBY planners look at these things in very simplistic ways and just say “oh look at this place in the Sun Belt. Let’s just do that here.” |
This is great insight into how Planning works. It explains perfectly why our plans have been so disconnected from what the community actually needs. |
1. They're malcontent nihilists. Almost always childless. 2. They're literally shills (and/or bots) paid directly and indirectly by think tanks, developers, lawyers and bankers to force zoning changes and subsidized housing. |