Reply to Marc Elrich doesn’t think there “is demand for market housing.” He’s never going to fix our housing.

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Reply to "Marc Elrich doesn’t think there “is demand for market housing.” He’s never going to fix our housing."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]To me Thrive is not about builders, it is about how to make Bethesda, CCDM, or Potomac less expansive.  If a multifamily building starts to appear on one street, very few new buyer would want to purchase any single family home on the same street.  Eventually, this street will lose its MC/UMC residents.  Street by street and block by block, Single family neighborhoods disappear from MoCo in close in area.  At the same time, the schools will be crowded.
MoCo hasn’t been able to attract high-paying business, but is able to attract MC/UMC families, which have one or two parents working in DC or Nova, due to good reputation of its public schools.   If the single family neighborhoods disappear and schools are less attractive, MoCo will lose its tax base.  The real estate market in Bethesda, CCMD, Potomac, North Bethesda, or even Rockvill will go down.  Finally, everything will be equal.
This is the goal of Thrive.[/quote]

Wow.  So, Thrive is nothing more than a means to get after those rich folks.  Reality is that they will simply leave.  No harm to them, but harm to MC for sure. Thrive will actually harm MC families who want a SFH.  MC needs a mixture of housing from high end to low income housing.  [/quote]
Yup. It’s actually already happening a little bit.

The very rich people are leaving slowly and being replaced by people that are not as wealthy.

Just look at down payment % data for our region. For most of Bethesda it’s about 10% but for McLean and Great Falls, VA it’s around 40%.

People are stretching to buy into Bethesda. It will be interesting to see what happens in a year or two when a four-plex pops up in their street. People are going to get radicalized about protecting the value of their biggest and highly leveraged investment but unfortunately it will be too late. The ground work is being laid now. [/quote]

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