Reply to What's wrong with development/developers

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[quote=Anonymous]I live in a Wardman. While historic, it wouldn’t be here without a developer. Very few homes in any dense area are owner-built. There’s nothing sacred about the older single-family homes, condos, and apartments.

To the extent that developers are an issue it’s because they have a profit motive (like any other business). As is the case with most businesses, regulated capitalism is the answer. That way developers can still earn a profit while being required to fund infrastructure improvements, affordable housing, and community amenities.

Some people exaggerate the harms of developers. For example, the Save MacMillan crowd will charge that the developer is corrupt because there wasn’t an RFP for the land. Well, DC’s land disposition system isn’t RFP-based, though it is a public and competitive process. Other people believe that new construction induces demand, bringing in the harms of gentrification. In fact, new construction in DC lowered rental prices in DC by more than 1 percent. Also, under built cities with high demand have been the places where property values have soared the most.[/quote]

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