As long as the real estate market holds up, losing population maybe a good thing. Less cars, less people, and less carbon release. If the real estate market gives up one day, more affordable housing will be available for DC government to take care the poor. |
Agree with all of this. Lots of the locally-owned places people in the office would go for lunch have sadly shut down! |
| Don’t think I know of a city with a declining population that has been successfully able to “take care of the poor”. |
L’ enfer, c’est les autres 😜 |
|
I just don't understand why the housing inventory continues to be at historic lows if there is a significant number of people from the city. Are people moving but keeping their property?
|
Doesn’t that depend on the type of housing? I can’t really understand why anyone would want to buy in DC now, but maybe it’s a long-term play. In general, DC is looking very rough and depressing as hell these days. |
This Washington Post article explains half of the story, rental vacancies shot up to 7.7%. https://apple.news/ACwycHq-CTQCFbd5SaEVluw The other half of the story is that there is a huge cohort of people in their 30s, Millennials, who are starting to form families. The big question for me is not why inventory is low. What bothers me is why rental prices are increasing, particularly as more and more new buildings are being delivered. Really throws a huge monkey wrench in YIMBY/GGW theories. |
Certainly purchasing a TH condo conversion in Brightwood or Bloomingdale will be a sure financial loser because it would be both cheaper to rent and unlikely to retain value much less appreciate. If you can afford either a whole detached SF or attached TH you are more likely to retain value, even if you most likely will not be able to rent for positive cash flow. |
I am the PA and a DC native and have always lived in DC except for college. My family has been here since Reconstruction and my mother worked for the DC Government for years and we’ve seen the City through many stages. I hope you are right about a couple of years. |
The PP is wrong both about people “getting off” on DC hitting a rough patch and everything going back to pre-pandemic times “in a couple years”. |
|
Gee, why is that?
https://abcnews.go.com/US/dc-jogger-stabbed-death-apparent-random-attack-police/story?id=57953525 https://www.wusa9.com/article/news/crime/seven-teens-in-dc-arrested-for-armed-robbery-and-ghost-guns-new-york-avenue-ivy-city-motel/65-e571eaaf-bfef-408d-a439-699021dba5c0 https://wtop.com/dc/2021/12/dc-teen-arrested-at-eastern-high-school-charged-with-killing-in-va/ https://www.huffpost.com/entry/mohammad-anwar-uber-driver-killed_n_60608fe9c5b65d1c28168b90 https://www.nbcwashington.com/news/local/teen-suspect-in-4-dc-killings-had-been-released-due-to-coronavirus-concerns-sources-say/2342734/ https://www.nbcwashington.com/news/local/76-year-old-man-found-beaten-outside-nw-dc-home/2830117/ But hey, at least DC residents can flex about all of the 'culture' and $12 lattes they have access to and why living in the city is so much better than the burbs, lol. |
May turn out be a bad investment for them if everyone is leaving. Now is probably a good time to sell/leave while investment firms still paying top dollar for houses. |
| I really hope the frenetic condo building stops too. |
Who is going to pay the taxes to take care of the poor |
Renters are moving from buildings rather than owner occupants. The rental occupancy rate is very high but DC is still pushing the narrative that empty office buildings can be converted to residential use. DC did not have the wealthy investors who can leave residential buildings empty. It needs to fill the units. Look for declining rents that might bring people to the city. |