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Metropolitan DC Local Politics
Reply to "Is there a coherent argument that loosening zoning laws will lead to affordable housing in DC? "
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[quote=Anonymous]Let me explain how expanding the housing supply will reduce prices. A developer buys a rowhouse in Petworth for $600,000. He levels it, and in its place, puts up five condos, each costing between $600,000 and $1.2 million. No, that is not affordable housing by any stretch of the imagination. But the people who buy them trade up from other places. And they leave behind places that other people trade up to. And those people leave behind places that other people trade up to. And so on. And so on. And so on. And so on. And so on. And so on. And so on. The last area in that chain, the place where people least want to live -- housing prices go down there, because there, finally, supply exceeds demand. Voila! Increasing the housing supply in Petworth leads to lower housing prices in Hagerstown, Maryland. Don't let anyone tell you that increasing the housing supply won't reduce housing prices. [/quote]
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