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][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]

Nothing is forcing people to not compete with these "developers". You act as if there is a secret cabal out there.

There simply isn't any proof of what you are suggesting. At all. Almost all new builds are held up for years because of "affordable housing" requirements, permits, and lawsuits.[/quote]

Land. The developers with these pipeline projects already own or control land. Lack of universal access to large parcels inhibits competition.

Please tell me how many of the units are tied up by litigation. DC just fixed permitting. Not sure how “affordable housing” requirements (why did you use quotes for affordable housing?) are preventing affordable housing construction.

The DC pipeline report, produced under a PPP, says developers are slowing deliveries to avoid weighing down the market. Translation: They’re limiting supply to prevent prices from dropping. [/quote]

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