Metaphor of the Day: D.C.'s Housing Market Is the Titanic, Iceberg in Sight
Washington residents love to complain about the city's soaring housing prices.
A big reason for the jump has been, quite simply, scarcity. For a long time, developers didn't build much in the city's urban core. Over the last decade, more and more people have decided that they want to live in the District, creating high competition for the available space.
Of course, builders took notice. According to a recent report, the city issued permits for 4,500 new units in 2011, more than the last four years combined.
Many of those units are set to come online in 2013. This means that D.C.'s rents might be "less astronomical than they might otherwise be," writes Washington City Paper reporter Lydia DePillis.
And according to DePillis, that has some of the city's developers worried. As developer Tom Bozzuto said "we have too many units coming to be absorbed all at once without extraordinary concessions in the marketplace." He added "I feel like the captain of the Titanic that just saw the iceberg coming."
Read the whole story here.