We need homes. A lot of homes. Not just affordable, but also middle-income homes.
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Anonymous
Now I’m intrigued. So is $2000 a lot or a little for a 1-BD apartment downtown? You mentioned it so surely it has some relevance? You seem to claim that it is evidence of strong demand. I think it’s therefore fair to ask what you think the equilibrium price should be. |
Anonymous
Gee, that's an awfully large number, it's almost as if there were some sort of large exogenous shock driving that. I wonder what that could possibly be? |
Anonymous
What is your point? You’re contradicting yourself. |
Anonymous
That's a red herring. There's strong demand for used cars. What should the equilibrium price for a 2011 Honda Accord be? Prices are what the market will bear, and the market for apartments in DC is robust. DC's vacancy rate in Q1 2020 was 4.9%. The pandemic hit the rental market pretty hard, but it has already come down significantly from its peak, and currently stands at 7.9% (https://www.bisnow.com/washington-dc/news/multifamily/people-are-starting-to-move-again-dcs-apartment-market-shows-signs-of-recovery-108647), and had seen large YoY% rent increases prior to the pandemic. That does not scream an oversupply of studios and 1 BRs to me. |
Anonymous
Christmas tree sales in January are much lower than they are in December. That must mean that we've planted too many Christmas trees! My point is that looking at rental prices during the peak of the pandemic as proof that DC overbuilt studios and 1BRs is not the gotcha you think it is. |
Anonymous
As you note, situations change. Judging by the price directions during 2020 of SFHs, THs and 3-BD condos. Consumers are clearly making an unequivocal judgement. I’m still waiting for evidence of you claim of high demand. Done right? |
Anonymous
You believe that $2000 for a 1-BD in downtown DC is a price signal for something and you won’t explain what that is. Again, is it a lot or a little? You’re not going to answer that are you? |
Anonymous
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Someone put this very well:
“The DC Policy Center says that from 2018-2019, the only effective population growth in DC was from births. https://www.dcpolicycenter.org/publications/districts-population-grows-14th-year-row-weaker-rate/ Over the last 10 years, the GGW shills have been promoting and praising more and more smaller apartments, more studios and 1-BDs, even “micro-units”, over multi-bedroom family apartments and other family housing like new build THs. The claim is that there will be a trickle down effect, “benefits should eventually spread across all tiers of comparable housing”. https://ggwash.org/view/43334/were-building-apartments-to-be-far-smaller-than-we-used-to Using these theories they have promoted gentrification of neighborhoods, including demolition of existing family housing to produce more and more “luxury” studios and 1-BDs. https://ggwash.org/view/73267/on-average-gentrification-helps-people-but-that-doesnt-mean-its-not-painful-for-some In 2020, the population of DC declined while the demand for family housing increased due to the number of babies with predictable results. Rents for “luxury” studios and 1-BDs fell by double digits. https://dcist.com/story/20/12/07/this-map-shows-where-rents-are-dropping-in-d-c/ In the meantime, prices of housing suitable for families, SFHs, THs and 3+ BD condos, have skyrocketed increasing by double digits. https://www.washingtonpost.com/business/interactive/2021/mapping-dc-regions-2020-housing-market/ OOPSIES! So now they are screaming about the need for more “Missing Middle” now that young, UMC white people want family housing. Should of thought about that 10 years ago. In fact, people were saying that DC should focus more on family housing 10 years ago, particularly the city’s low income housing activists but they were either ignored or shouted down as NIMBYS. So here we are. After the streetcar debacle, it is unfathomable to me that anyone would ever listen to these people and yet, a decade of stupid policy resulting in the current chaos was a completely obvious outcome. In the meantime, RFK is coming down and instead of doing everything possible to turn that site into a beautiful TH and multi-family community that could house thousands of families, the GGW shills are trying to upzone Ward 3 which wouldn’t produce only a trickle of new family housing per year. Idiots. Or should we question the motives? Just stop listening to these people. |
Anonymous
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^^ Cities are incentivized to have a constant cycle of high income singles, and young couples, pay high taxes one way or the other through property value, and consumption, that then leave before they have children and require services.
This works so long as there is a constant supply of high income singles and to young couples, but isn’t sustainable. The people who survive this, have no reason to vote otherwise, and anyone burned by the rat race is someone else’s problem. On the market side, the trend towards 1 beds and studios, is a product of bringing the cost per unit down to something the market will bare. This is exaggerated by extra requirements that require offsetting other costs. This includes subsidized housing. Every unit that is required to be deeply below market rate, is paid for by now above market rate. In other words for every family saved, it is actually at the expense of two or more families. This becomes even more apparent when cities demand public and subsidized housing have say 3 bedrooms, which in some places will push the cost per a unit above $800K or $900K. Or we’ll above $3,000/month in rent. So while one family gets a steep discount, gets to form a family, where everyone gets their own room, the middle class family either doesn’t form or has to leave. |
Anonymous
| This whole thread reads just like the Next Door threads by a guy named Mike English who wants SFHs converted to fourplexes. I'm not sure what his motivation is. |
Anonymous
Developer-funded front groups like “Ward Three Vision” and “Cleveland Park Smart Growth” push the same stuff. They call it “gentle density.” |
Anonymous
The issue with these real estate developers is that they want the easy money. Lets build an apartment building in NW, and we will make money. Real hard. Any idiot can do that. What is needed is more development in other parts of the City, particularly Wards 7 and 8. |
Anonymous
LMAO. What’s wrong with that guy? He has serious issues. |
Anonymous
| Good for Adas Israel that they are considering developing their large surface parking lot into workforce/affordable housing, and putting the parking underground. This could be a game changer for this area of NW DC. Having significant workforce/affordable housing steps from Metro would be huge. Rabbi Alexander has been a strong proponent of building affordable housing along Connecticut Ave, and it is admirable that Adas is likely to step up. |
Anonymous
Hint: an evil "developer" built the home you live in. Stop being a selfish NIMBY. |