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DC didn't have an affordable housing issue (if it has one now at all) until 2002-2003 time frame. The issue the past decade has been the rapid increase of local federal spending, from ~62 billion a year in 2001 (salaries and procurement) to 170 billion a year in 2011. The money created lost of jobs, which draws people here. Boom...you have a ready made housing crunch.

The DC MSA has a population increase of more than 220,000 people in the past 2 years (top 5 of the nation). The Disrict alone got 30,000 of those people in the past 2 years.

The DC MSA population grew 16% (700,000 people) between 2000-2010.

The point I am making is, this problem will self correcet in short order. The economy is recovering, the feds are reducing DC area spending. DC will no longer be the only place to go in the nation for a job.

The District alone has `aproximately 10,000 units under construction right now, with another 38,000 on the board and in the pipeline.

The area (most areas that boomed during this bust did too) were caught off guard. With the credit meltdown, projects were shelved, even in places like DC where jobs and people were becoming more plentiful by the day.

I forsee GGW having an article in 24 months extolling the flat (or falling) rental rates in the region due in large part to oversupply and lack of demand.

by DCr on Jan 28, 2013 3:44 pm • linkreport

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