It’s no secret that the DC metro real estate market is a tight one. It’s a desirable area, with great jobs and schools. There is usually a lot of competition for home buying and even finding an apartment. As an older city, new development is tricky to do while preserving the historic character that people love. However, development can also be hampered by people’s attitudes and fears. This is often called NIMBY-ism, as in “not in my backyard”. It’s a factor that most big cities have to cope with when trying to deal with housing shortages and building new housing.
Homeowners and Renters Wary of New Development for Different Reasons
The NIMBY stereotype is homeowners who are afraid that their property will lose value because of a new housing development, particularly if it is billed as affordable housing. However, a new study from the Joint Center for Housing Studies at Harvard University finds that in big cities with high rents, apartment dwellers can be as averse to new housing developments as homeowners. There are several explanations for this. The most likely has to do with the fear of being priced out of a neighborhood that suddenly becomes trendy. It’s not easy to achieve a balance on the complex issues of what a neighborhood wants versus what it needs. One way to signal to renters that they won’t be displaced may be to strengthen measures designed to mitigate displacement.
If you’re ready to make an investment in residential DC metro real estate, get in touch with our office. We’re happy to help first time buyers navigate the challenges of home buying to achieve the stability of homeownership.