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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Well, it’s what will cause the equity in your house to rise. Are you supposed to be the last gentrifier allowed in?[/quote]

+1 to the second sentence. There’s something so disingenuous about well off (most likely) white people objecting to further development in their previously poor neighborhood. [/quote]

Is this some kind of weird Orwellian joke? This stuff is *only* allowed to happen in black neighborhoods. If a developer went to DuPont Circle or Georgetown or Alexandria or Friendship Heights and proposed tearing down a single-family home and covering every square inch of the yard with condos, people would be in the streets with pitchforks. Of course, that never actually happens, because people in those neighborhoods have already engineered their zoning laws to ensure that developers can never do any such thing. So the developers come to poor black neighborhoods where zoning laws basically don't exist, and no one will complain. [/quote]

Give me a break. Creating more multifamily housing is GOOD, not bad.  It's extremely well established that restrictive zoning negatively impacts housing supply.  Do you think it HELPS lower-income homeowners in these neighborhoods to have a historic designation slapped on that makes it harder to do repairs?  [/quote]

The reason housing prices go up so fast in DC is because of the Federal Reserve. It's not the supply of houses. When the Fed holds interest rates this low for this long, it means lots of people can qualify for huge mortgages. Lots of people able to get huge mortgages means lots of people bidding up the prices of homes. When interest rates return to normal levels, all of that will stop. People won't be able to get such big mortgages, which means fewer people bidding on homes, which means prices will go down. It's weird that people get so fixated on the supply of houses. Yes, that matters but only over the long term. If you're concerned about your grandchildren being able to afford a place, you should focus on the supply. But if you're interested in prices now and over the next, say, 10 years, you should be focused on the Fed. [/quote]

I strongly disagree with trying to point the blame on one factor, like Fed rates. It's a constellation of factors that contribute to the recent increase in housing prices.

In my opinion, the biggest driver is increased demand and lack of supply. More people have moved into this region over the past decade. And - perhaps even more importantly - Millennials have come of-age and need housing to start families. This has led to a quick appreciation of prices.

So, combine the demographics, population increases, restrictive zoning that are decades out-of-date, and low Fed rates. This all contributes to upward pressure.[/quote]

THERE AREN'T EVEN THAT MANY PEOPLE IN DC. In July, 2018, there were 702,000 people here, according to the census. Guess how many people lived here in 1950? 802,000. DC's population is way down from where it was in the 50s, 60s and 70s. I don't understand why people think the city is bursting at the seams. it's not. 
[/quote]

Many of the rowhouses you see today housed 10+ people back in the first half of the 20th century. Larger families, boarding houses, multiple families in one home - this was the norm. The trends today are less people with more space; this is the aspiration. And is especially true among the graying owners of SFHs in nicer neighborhoods, where a widow will live alone in a 5BR house for 20 years. Many of the longtime owners are not downsizing while simultaneously struggling to keep up maintenance.

We bought our 5BR house in NW DC from a couple that was 90 years old. They owned the house for nearly 50 years. This is pretty common in our neighborhood, where teardowns fetch close to $1m.
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