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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I say let DC do whatever it wants with bikes. It’s neither the region’s main population nor job center anymore.[/quote]
Exactly. They are only accelerating the decline. Already losing population and commercial tax base. Accelerating anti-growth transportation policies in the face of that headwind is an interesting policy choice and I think the pace at which they are trying to do this makes clear that the proponents know these changes will not stand up to the test of time.[/quote]

So the contention that the people who are buying up 7 figure properties now are going to be financial losers. Got it.[/quote] 
In finance parlance, they are called “bag holders”. Rising rates will continue to have a drag on valuations, which has already started with average sales price declines from July to August.

Just wait for the next DC budget. CRE is taxed at 2x residential and contributes 20% of DC revenue. However, CRE tax is based on valuations from revenue generation and the CRE vacancy rate for < Class A is rising quickly and overall office occupancy across the whole region has plateaued at 47% pre-COVID, with suburban office space, particularly in Bethesda and NOVA having substantially lower vacancy than DC. Effectively the only tenants saving the DC office market right now are law firms. CRE owners are very active in challenging valuations, which means that the tax they pay is effectively mark-to-market.

How do you think DC is going to make up the revenue shortfall? Increasing income withholding or residential property taxes at this time will lead to further erosion of the tax base, which has started with the two consecutive years of population decline that are expected to continue through 2022 and perhaps longer.

But have fun in your bike lane![/quote]

The extended vacancies in commercial office space are a good thing if they translate into conversions into residential apartments. Maybe you take a particular fancy to CBDs like Dallas and Houston which are as empty as a zombie hell-scape after dark, but most of the rest of us appreciate the vibrancy associated with a CBD where people live. NOVA and Bethesda can have all the boutique consulting firms and defense contractors they want. [b]We’re quite happy to trade them for people’s homes that allow them to live closer to where they work.[/b][/quote]

First of all, there's no "us" or "we." There's "you." Nothing points to a shaky argument or insecure author more than the artificial or ambiguous use of a plural pronoun to suggest a chorus of voices when in fact it's the voice or opinion of an individual.

Second, "where they work" is increasingly going to be in Virginia (or, to a lesser extent, Maryland) and not in the District. Public and private jobs are slowly but steadily bleeding out of the city and new job growth/job creation is much more robust in the suburbs. DC is on a track to rely more and more on property taxes to fund its services. As the property tax burden increases, the city becomes a more expensive and less attractive place to live, more people leave, and the cycle gets progressively worse and worse. Elevated crime rates only help accelerate this trend.

The DC government should be focused on how it can more effectively compete with its neighbors for jobs (either keeping existing jobs in the city or incentivizing new jobs) instead of pushing policies that make DC less attractive to employers, including the federal government.[/quote]

My federal commercial office (housing 4 agencies) has a GIANT parking garage where everyone can park.  Everyone drives in despite there being a metro and train stop right there.  I don't think protected bike lanes have any impact whatsoever on that.  [/quote]
Is this in DC or the suburbs?[/quote]

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