New DC High-Rises Too Expensive for Most People
The housing boom within DC has seen the majority of new residences funneled into central-city high-rises, most of which are too expensive for most people to live in, according to a report by Greater Greater Washington. ("Most people" is defined as 63% of all new households that will be settling in the District through 2023.) The cost to build these luxury high-rises that require heavy-duty construction translates to over $400 per rentable SF, up to twice as much as low-rise buildings. A typical three-bedroom apartment sold in DC this year would be affordable to only to a four-person household earning more than twice the area median income, according to calculations from the New York City-based nonprofit Citizens Housing and Planning Council. [GGW]
