Ahoy, Housing Relief in Sight for D.C.
D.C.'s exceptional growth over the past decade has left the city, and those seeking to live there, in a bit of a pickle, as the supply of housing has struggled to keep up with increased demand, raising rents throughout the city. Relief, however, may be in sight.
As Amanda Erickson notes in The Atlantic Cities, with 4,500 building permits issued for new units in 2011, more than prior four years combined, a wave of new housing stock will hit the city next year.
While renters might be salivating, developers, such as Tom Bozzuto, are less than enthused.
"We have too many units coming to be absorbed all at once without extraordinary concessions in the marketplace," Bozzuto went on. "You better believe that it's going to be a challenge."