Reply to Wisconsin Ave Development Project

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Well, if there is a vacancy rate of 25% in the city, it suggests that no apartments are needed.  If the vacancy rate is 2%, that's a different story.  These are just made up numbers, but that's part of how you decide what's needed.[/quote]

Why are you making up numbers?[/quote]

Just to illustrate how you know if the apartment market is saturated or not.  I do not have the precise figures, but I know there is a fairly high vacancy rate in NWDC right now.[/quote]

Per the following link, at the end of 3Q23 the DC rental vacancy rate was 7% and the homeowner vacancy rate was 0.8%.

There's clearly more demand for homes to purchase than for rentals. My prediction is that lots of these FH units will end up as condos for sale.

https://ipropertymanagement.com/research/rental-vacancy-rate?u=%2Fresearch%2Frental-vacancy-rate#dc

Page 13 of development plan criticizes the fact that only 5% of multifamily units built since 2000 are 3BR or higher. It sounds like they are going to focus on building family-sized apartments in the new FH development.

In terms of Inclusionary Zoning units, the FH buildings would have 20% eligible in exchange for the developer to do a FAR of 5.4 (instead of the by-right 3.0). The income limits are pretty high for these units, aiming squarely at public workers (teachers, police, etc).
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