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this post was submitted on 16 Jan 2024
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LOL, no. The mess -- in DC and every other major American city -- is entirely on the zoning code not allowing developers to run rampant enough, and instead enshrining single-family houses even when demand warrants multifamily.
DC is rapidly converting affordable homes into multifamily luxury units. Developers running rampant jacked up costs citywide.
Also, the city is less than 10 square miles and built on a swamp. Just based on infrastructure it can only handle so many people before it runs into serious issues.
No, you just fail to realize that prices would've been jacked up even higher if developers weren't increasing the housing supply.
How? Most individuals wouldn't sell their house for double unless the demand is there because they can't really afford to let the property sit while they're trying to buy a new place. The developers buy the properties before they hit the market for more than asking, split the property, make minor improvements, sometimes make things worse, then crank up the price. Meanwhile, there was definitely someone who was willing to buy at the seller's original price, they just never got the chance.