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Metropolitan DC Local Politics
Reply to "We need homes. A lot of homes. Not just affordable, but also middle-income homes."
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[quote=Anonymous]Increasing density drives housing prices up because it creates economies of scale for businesses. When lots of people are packed into an area, restaurants and bars and boutiques want to be there too because they want foot traffic. People in turn want to live near walking distance of those restaurants and bars, which drives up demand to live in that area, which increases prices. That creates more incentive to build housing there, which draws even more businesses (more customers!), which leads more people to want to live there, which further drives up housing prices. It's an upward spiral that would have never begun if there wasn't a critical mass of people living in an area (in condos and apartments) in the first place. This is why a 800 square foot condo in Navy Yard costs more than a single family home in Michigan Park. [/quote]
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