Reply to There is no housing crisis in MoCo or most of the DMV for that matter

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm just waiting for the condo market to tank so I can swoop in and buy a great one for a song that I can keep as my city retirement pad. All I see are big condo/apartment building going up and I have no idea who is buying them all. The Whole Foods at Walter Reed has been open for months. I live a mile away and can't be bothered to go check it out. It would require figuring out where the parking garage entrance is. I'm sure that place is going to be a bust. [/quote]

Not everything has to be for you, and that's ok.

[/quote]

There is very little chance that most of the condos being built will be appreciate much in value.  Investing in a condo in DMV to grow one's wealth makes no sense here.[/quote]

Condos are housing. For people to live in. The main benefit of housing is that people have a place to live.[/quote]

Unfortunately [b]the people who need housing most[/b] can’t these. :( Why isn’t MoCo building more subsidized housing?[/quote]

Who doesn't need housing? Everyone needs housing.

The county is building affordable housing. For example here: https://moco360.media/2023/01/19/195-unit-affordable-housing-project-unveiled-in-veirs-mill-corridor/ Could they build more? Sure. I doubt this will be the one and only such project ever built.[/quote]

There are people that NEED housing and don’t currently have it, and there are those that WANT different housing that what they already have.  People with more means have more choices and are not out on the street homeless.  People who are wringing their hands about acute housing needs in MoCo seem to have a disconnect about this.  The luxury condos going up are not helping the unhoused population no matter how much you want to convince yourself that is the case.[/quote]
Except where people who might be living in a Luxury apartment go into a luxury condo. Then someone from a mid level apartment that can afford luxury but can’t get it because the market is tight moves in there. Then the lowest end people who can afford move into a higher end one…and then people who might have had even less resources can move into the cheapest, and if they can afford that without q voucher, all the better. Especially since people waiting for vouchers are sometimes double and triple up with family (if they are lucky) and not just included in the explicitly unhoused stats.

Trickle down does actually work for apartments. And if vacancy rates in apartments go up then there is pressure to lower rents, a much more immediate result than lowering cost of real estate. [/quote]

lol. It’s a nice theory but in practice when the market tilts in favor of renters, landlords warehouse units or convert them to short-term rentals until the market swings back in their favor. Landlords also stop building as soon as rents show signs of leveling off. Whenever trickle down housing has worked at all it hasn’t worked for long, and benefits in the middle and low ends of the market are a fraction of what they are in the high end.

None of this should be surprising. Every trickle down policy in history has caused the wealth gap to grow. Developers have used subsidies and tax breaks to deliver bigger profits, not to cut rents. [/quote]

I don’t understand why there isn’t more of a focus on these practices. [b] Freeing up the hoarded units[/b] could make a meaningful impact in the housing stock RIGHT NOW.  Does the build build build crowd not understand this is happening? Do the council members?[/quote]

The what now?[/quote]

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