- \n
- New housing for whom?<\/strong> Is it the trickle down market rate housing being built everywhere or truly affordable for those making the living wage or less?
<\/li>\n\n\n\n- What statistics substantiate the “urgency” for new housing?<\/strong> DC has some of the highest vacancy rates in the nation, will building more of the same help?
<\/li>\n\n\n\n- And, why is the city tearing down the 0-30%AMI housing such as public housing to privatize and build more luxury housing?<\/strong><\/li>\n<\/ol>\n\n\n\n
Last we checked, the well heeled developer-class have collaborated with cohorts in city bureaucratic planning positions to usher in wave after wave of new construction, with areas of DC exploding with denser taller buildings consisting of expensive studio\/one bedrooms. <\/p>\n\n\n\n
Tens of thousands of new luxury units have been built in DC over the past twenty years and 9 out of 10 of these units are strictly targeted to wealthier single professionals. <\/p>\n\n\n\n
But recently, it is this slice of the local demography (single wealthy professionals) who are parting with the urban core<\/a> as they are forming families and being quite privileged and mobile they can move when things like pandemics unfold and impact our living collective conditions. Yes, it is these new residents who stormed into the city over the past decade who are now choosing to leave the big box luxury buildings that were designed for them and are moving into single family homes in outer city limits and back to suburbia. <\/p>\n\n\n\n
Thus, any urgency for more housing serving the professional-class is quickly dispelled by the facts on the ground, with DC conservatively having 15% of units built (not just marketed) sitting vacant<\/strong>, and the new built-out areas such as Navy Yard having 1 in 3 units empty (all pre-pandemic numbers<\/a>). <\/p>\n\n\n\n
![\"\"](\"http:\/\/www.dc4reality.org\/updates\/wp-content\/uploads\/2023\/01\/vacancies2021_DC_1.png\")
<\/a><\/figure>\n\n\n\n![\"\"](\"http:\/\/www.dc4reality.org\/updates\/wp-content\/uploads\/2023\/01\/vacancies2021_DC_2.png\")
<\/a><\/figure>\n\n\n\n\n
[Pre-pandemic], the average vacancy rate in the District is 14.7%, with submarkets such as SW\/Navy Yard, Capitol Hill, and Georgetown\/Wisconsin Ave, are seeing vacancy rates at 31%, 27%, and 18% respectively .<\/p>\nDHCD Report, Saving DC\u2019s Rental Housing Market Strike Force, citing from “The State of the DC Multifamily Rental Market”<\/a><\/strong> analysis by the Apartment & Office Building Association of Metropolitan Washington (AOBA), published by Randi Marshall, Vice President of Government Affairs, D.C., February 19, 2021, at page 13.<\/cite><\/blockquote>\n\n\n\n
\n\n\n\nHousing as commodity, not for community<\/h2>\n\n\n\n
In spite of mounting units being built but left to sit empty, its become apparent that the mega real estate companies don’t mind and are pushing to build even more housing that’s as expensive as ever before. <\/p>\n\n\n\n
This is because housing is no longer necessarily for creating human community. Rather, new housing units are in large part serving as international investment commodities, that are essentially blocks of money in the form of new housing construction.<\/p>\n\n\n\n
Wake up YIMBYs. Vacancy rates. All time highs. 1 in 3 units in #NavyYardExclusive<\/a> empty. Conservatively 15% vacant DC citywide. #BuildMore<\/a> is a fallacy serving only the international elite. pic.twitter.com\/ToU4A60yMy<\/a><\/p>\u2014 Luxury plywood (@rotten4eva) February 13, 2022<\/a><\/blockquote>
- What statistics substantiate the “urgency” for new housing?<\/strong> DC has some of the highest vacancy rates in the nation, will building more of the same help?