Living in Capitol Hill...Why?

[Anonymous]

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

[Anonymous]

Anonymous wrote:We bought our Eastern Market home in 2007 for $900k -- it's now worth $1.4 m.

When we bought we did not know we'd stay to raise kids, but the neighborhood has been an amazing place to have a family--with endless family activities; plus we bump into neighborhood kids constantly.

Now, if we can only solve the middle school problem, we'll be here for life.

Take out an equity line of credit and go private.

[Anonymous]

Anonymous wrote:I don't live on the Hill and it's not for me, but have friends who love it.

Comparisons to Georgetown and Old Town make less sense - Cap Hill has better transportation options than Georgetown (and Old Town is in VA obviously and further away) and a lot of people I know who live there work on or near the Hill or go there a lot for their jobs. Old Town from what I've heard doesn't have great schools...but maybe that has changed. I've heard good things about some of the schools on the Hill though I know not all have a great reputation.

It seems like a fun place to live and raise kids. We just wanted something a little quieter, a bit more space, and more boring so we did the close in burbs, and though I love it I can definitely see why it's not for everyone.

Also, the restaurants in Georgetown, with a few exceptions (Baked 'n Wired, Chez Billy Sud, La Chaumiere, mavbe one or two others) absolutely suck. They cater to tourists and the bridge and tunnel crowd.

[Anonymous]

Anonymous wrote:Apparently L'enfant didn't just order that the house be torn down, but actually went there and started helped tear the place down.

L'enfant spent the last years of his life living as the guest of an estate owner (whose name escapes me) in Bladensburg. The wife of the estate owner was one of Daniel Carroll's daughters. Life is funny sometimes.

Charles Carroll of Duddington/Carrollsburg owner most of what is SW and Capitol Riverfront. Hence all the stuff named Carrollsburg.

Okay, local history geek time over.

By "servants quarters," did you mean "slave quarters"?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Apparently L'enfant didn't just order that the house be torn down, but actually went there and started helped tear the place down.

L'enfant spent the last years of his life living as the guest of an estate owner (whose name escapes me) in Bladensburg. The wife of the estate owner was one of Daniel Carroll's daughters. Life is funny sometimes.

Charles Carroll of Duddington/Carrollsburg owner most of what is SW and Capitol Riverfront. Hence all the stuff named Carrollsburg.

Okay, local history geek time over.

By "servants quarters," did you mean "slave quarters"?

Ha, that was my thought to (directed not at PP, but whoever wrote the account).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Apparently L'enfant didn't just order that the house be torn down, but actually went there and started helped tear the place down.

L'enfant spent the last years of his life living as the guest of an estate owner (whose name escapes me) in Bladensburg. The wife of the estate owner was one of Daniel Carroll's daughters. Life is funny sometimes.

Charles Carroll of Duddington/Carrollsburg owner most of what is SW and Capitol Riverfront. Hence all the stuff named Carrollsburg.

Okay, local history geek time over.

By "servants quarters," did you mean "slave quarters"?

Ha, that was my thought to (directed not at PP, but whoever wrote the account).

DP: Probably. He was a huge slave owner and slave trader and likely used some of the slave to at least build and maintain his city estate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

This terrifies me! I've heard Vancouver is the same. What I don't understand is - if the neighborhoods empty out and nobody actually wants to live there, why do the houses retain their value?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

This terrifies me! I've heard Vancouver is the same. What I don't understand is - if the neighborhoods empty out and nobody actually wants to live there, why do the houses retain their value?

Because they don't empty out. Several posters have pointed out that OP's statement applies at best to a very narrow section of the Hill close to the Capitol South metro, which isn't the heart of the neighborhood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

This terrifies me! I've heard Vancouver is the same. What I don't understand is - if the neighborhoods empty out and nobody actually wants to live there, why do the houses retain their value?

The homes retain their value because they are used essentially as place holders for foreign money, and the demand for these place holders is high. Usually Chinese or Russians that don’t trust their national currencies and don’t trust their country’s monetary policy are the buyers. So what ends up happening is a large number of people come in, buy up the place, homes become unaffordable for even the lower end rich. Apartment construction increases and those that before could afford a home on Capitol Hill become renters of high end apartments like the Hine. The other thing is that there are visa schemes that benefit foreign investors that give them the ability to invest in the US, which is often done through sham apartment building investment, and then because the foreign national “invested” in the US they get a residency visa which creates a pathway to a green card. US residency is highly valuable.

Only thing that will prevent this from happening is if those wealthy foreign buyers don’t trust the US policies when it comes to the economy and laws that might impact foreign nationals.

One positive about Trump’s presidency is that foreign investment in US real estate has slowed. We are bound to have a recession in the near future, and there likely is a small but real housing bubble in DC which might correct prices in places like Capitol Hill by 5-10%, and in gentrifying areas like Petworth, Trinidad, H Street Corridor, and Hill East/Kingman Park/Rosedale buy 10-20%. If the recession hits, interest rates increase, housing bubble pops, and people that were previously priced out are able to buy, that might cause this issue to be put on the back burner.

Best solution is to eliminate foreign investor residency visas, restrict purchases of US homes to US Citizens and Green Card holders, heavily promote low and middle income housing development, and create housing at all income levels in areas throughout the city.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

Not to worry. Lots of absentee owners are doing AirBnB. Stayed at a great place in Knightsbridge and could never determine the owner. The concierge handled everything and said most of the flats were opened by foreigners who were rarely there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

This terrifies me! I've heard Vancouver is the same. What I don't understand is - if the neighborhoods empty out and nobody actually wants to live there, why do the houses retain their value?

The homes retain their value because they are used essentially as place holders for foreign money, and the demand for these place holders is high. Usually Chinese or Russians that don’t trust their national currencies and don’t trust their country’s monetary policy are the buyers. So what ends up happening is a large number of people come in, buy up the place, homes become unaffordable for even the lower end rich. Apartment construction increases and those that before could afford a home on Capitol Hill become renters of high end apartments like the Hine. The other thing is that there are visa schemes that benefit foreign investors that give them the ability to invest in the US, which is often done through sham apartment building investment, and then because the foreign national “invested” in the US they get a residency visa which creates a pathway to a green card. US residency is highly valuable.

Only thing that will prevent this from happening is if those wealthy foreign buyers don’t trust the US policies when it comes to the economy and laws that might impact foreign nationals.

One positive about Trump’s presidency is that foreign investment in US real estate has slowed. We are bound to have a recession in the near future, and there likely is a small but real housing bubble in DC which might correct prices in places like Capitol Hill by 5-10%, and in gentrifying areas like Petworth, Trinidad, H Street Corridor, and Hill East/Kingman Park/Rosedale buy 10-20%. If the recession hits, interest rates increase, housing bubble pops, and people that were previously priced out are able to buy, that might cause this issue to be put on the back burner.

Best solution is to eliminate foreign investor residency visas, restrict purchases of US homes to US Citizens and Green Card holders, heavily promote low and middle income housing development, and create housing at all income levels in areas throughout the city.

Thanks for chiming in Bernie Bro.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

This terrifies me! I've heard Vancouver is the same. What I don't understand is - if the neighborhoods empty out and nobody actually wants to live there, why do the houses retain their value?

The homes retain their value because they are used essentially as place holders for foreign money, and the demand for these place holders is high. Usually Chinese or Russians that don’t trust their national currencies and don’t trust their country’s monetary policy are the buyers. So what ends up happening is a large number of people come in, buy up the place, homes become unaffordable for even the lower end rich. Apartment construction increases and those that before could afford a home on Capitol Hill become renters of high end apartments like the Hine. The other thing is that there are visa schemes that benefit foreign investors that give them the ability to invest in the US, which is often done through sham apartment building investment, and then because the foreign national “invested” in the US they get a residency visa which creates a pathway to a green card. US residency is highly valuable.

Only thing that will prevent this from happening is if those wealthy foreign buyers don’t trust the US policies when it comes to the economy and laws that might impact foreign nationals.

One positive about Trump’s presidency is that foreign investment in US real estate has slowed. We are bound to have a recession in the near future, and there likely is a small but real housing bubble in DC which might correct prices in places like Capitol Hill by 5-10%, and in gentrifying areas like Petworth, Trinidad, H Street Corridor, and Hill East/Kingman Park/Rosedale buy 10-20%. If the recession hits, interest rates increase, housing bubble pops, and people that were previously priced out are able to buy, that might cause this issue to be put on the back burner.

Best solution is to eliminate foreign investor residency visas, restrict purchases of US homes to US Citizens and Green Card holders, heavily promote low and middle income housing development, and create housing at all income levels in areas throughout the city.

If a rescission hits, why would interest rates go up?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

This terrifies me! I've heard Vancouver is the same. What I don't understand is - if the neighborhoods empty out and nobody actually wants to live there, why do the houses retain their value?

The homes retain their value because they are used essentially as place holders for foreign money, and the demand for these place holders is high. Usually Chinese or Russians that don’t trust their national currencies and don’t trust their country’s monetary policy are the buyers. So what ends up happening is a large number of people come in, buy up the place, homes become unaffordable for even the lower end rich. Apartment construction increases and those that before could afford a home on Capitol Hill become renters of high end apartments like the Hine. The other thing is that there are visa schemes that benefit foreign investors that give them the ability to invest in the US, which is often done through sham apartment building investment, and then because the foreign national “invested” in the US they get a residency visa which creates a pathway to a green card. US residency is highly valuable.

Only thing that will prevent this from happening is if those wealthy foreign buyers don’t trust the US policies when it comes to the economy and laws that might impact foreign nationals.

One positive about Trump’s presidency is that foreign investment in US real estate has slowed. We are bound to have a recession in the near future, and there likely is a small but real housing bubble in DC which might correct prices in places like Capitol Hill by 5-10%, and in gentrifying areas like Petworth, Trinidad, H Street Corridor, and Hill East/Kingman Park/Rosedale buy 10-20%. If the recession hits, interest rates increase, housing bubble pops, and people that were previously priced out are able to buy, that might cause this issue to be put on the back burner.

Best solution is to eliminate foreign investor residency visas, restrict purchases of US homes to US Citizens and Green Card holders, heavily promote low and middle income housing development, and create housing at all income levels in areas throughout the city.

If a rescission hits, why would interest rates go up?

Should have worded that better. I meant, if a recession were to hit or interest rates increase and the housing bubble pops allowing previously priced out people to buy, then these issues won’t arise.

[Anonymous]

It starts with the basic premise that not everyone's housing preferences are the same as your preferences.

Capitol Hill is an easy walking, biking, or Metro commute to federal workplaces and the businesses in Gallery Place and around Metro Center. It's also a neighborhood where some households can still walk to the grocery, pet supply store, dry cleaner, and gym. To me, it feels like it's harder to get around Alexandria car-free and like a lot of services have been priced out of Georgetown commercial real estate. In these respects, Capitol Hill is much more walkable. In fact, it's walking, biking, and transit profile are better than Georgetown and Alexandria (https://www.walkscore.com)

The Hill also has a great deal of civic and community engagement. The number of community groups and clubs for people of all ages is staggering. I've never encountered anything like it in other neighborhoods I've lived in, regardless of the median home prices and incomes. The public spaces on the Hill and its walkability contribute to frequent, spontaneous informal gatherings from dog owners meeting up in Lincoln Park, to nannies chatting at the coffee shop, neighbors greeting each other on restaurant patios, to events at Eastern Market.

And, no, homes don't tend to make rapid percentage gains in value once they get over $1 million dollars. A 20% gain on a $500k home investment isn't unreasonable, particularly if a neighborhood has been historically undervalued. Making a 20% gain on a $1 million home in a stable neighborhood is a far greater leap and a less reasonable expectation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:To OP's point, Ward 6 has the most public housing in the city. A significant portion is in SW, but there is considerable traditional public housing as well as low-income and section 8 housing all over the Hill. And for crying out loud, the city homeless shelter is right there! Don't try and tell me the Hill and surrounding environs is lilly white and just like Ward 3.

Agree. It really depends on what part of the area you live in. A lot of folks wouldn't say the homeless shelter is in Capitol Hill per se but is actually in Hill East - so there's that. But I live on the Southeast edge of the historic district - so I figure I can say that's Capitol Hill and our neighborhood is still about 50/50 now.

But it's not clear how long that will last. I love my neighborhood -before it gentrified and still do now that it is gentrifying, but to be honest, I'm not thrilled with the way it's moving toward another expensive enclave. But by the time it reaches that point I'll be ready to retire and move on.

Things have gotten so expensive I feel like all of Capitol Hill will have pricing similar to the most trendy Brooklyn neighborhoods, $2 million to $4 million for a row house. It wouldn’t surprise me if homes doubled or tripled in value over the next decade on Capitol Hill. It’s unfortunate because with the way DC is set up, it might end up resembling Mayfair or Belgravia in London. Very very expensive, super rich, and completely abandoned. Most buyers will be absentee homeowners. The neighborhood will look beautiful, but end up being largely uninhabited, with homes used as a place holder for foreign money.

This terrifies me! I've heard Vancouver is the same. What I don't understand is - if the neighborhoods empty out and nobody actually wants to live there, why do the houses retain their value?

The homes retain their value because they are used essentially as place holders for foreign money, and the demand for these place holders is high. Usually Chinese or Russians that don’t trust their national currencies and don’t trust their country’s monetary policy are the buyers. So what ends up happening is a large number of people come in, buy up the place, homes become unaffordable for even the lower end rich. Apartment construction increases and those that before could afford a home on Capitol Hill become renters of high end apartments like the Hine. The other thing is that there are visa schemes that benefit foreign investors that give them the ability to invest in the US, which is often done through sham apartment building investment, and then because the foreign national “invested” in the US they get a residency visa which creates a pathway to a green card. US residency is highly valuable.

Only thing that will prevent this from happening is if those wealthy foreign buyers don’t trust the US policies when it comes to the economy and laws that might impact foreign nationals.

One positive about Trump’s presidency is that foreign investment in US real estate has slowed. We are bound to have a recession in the near future, and there likely is a small but real housing bubble in DC which might correct prices in places like Capitol Hill by 5-10%, and in gentrifying areas like Petworth, Trinidad, H Street Corridor, and Hill East/Kingman Park/Rosedale buy 10-20%. If the recession hits, interest rates increase, housing bubble pops, and people that were previously priced out are able to buy, that might cause this issue to be put on the back burner.

Best solution is to eliminate foreign investor residency visas, restrict purchases of US homes to US Citizens and Green Card holders, heavily promote low and middle income housing development, and create housing at all income levels in areas throughout the city.

This makes too much sense. it would benefit US citizens. Crazy talk. Urban elites filled with guilt would never allow it.