Reply to We need homes. A lot of homes. Not just affordable, but also middle-income homes.

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Reply to "We need homes. A lot of homes. Not just affordable, but also middle-income homes."

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[quote=Anonymous][quote=Anonymous]Affordable housing is a huge problem in The District! Just today, there was an article about how Secretary of Transportation Buttgig and his husband are unable to find an affordable home in DC. And the Secretary makes over $200k a year! [/quote]

No one really wants to pay as much they do for housing, but people will pay whatever they have to. Developers know this and over the years have increasingly sought to take larger and larger shares of household incomes, especially among low-income households. They’ve been able to do this by avoiding oversupply. DC has more than 60,000 units in its development pipeline, nearly 20,000 of them in the near-term pipeline. Rental vacancy rates have hovered around 6 percent for the past decade, exceeding 6 percent for consecutive quarters just once before the pandemic. Would we still have a housing crisis if all of the near-term pipeline got built? Developers love to blame government and NIMBYs for shortages, but they could supply a lot more housing in the next two years than they actually will.[/quote]

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