Streetcars and Affordable Housing (Richmond, Arlington: real estate, foreclosed, rental)

[BajanYankee]

Thoughts?

Tejada Hints at "No" Vote on Columbia Pike Streetcar - Arlington Mercury

[tysonsengineer]

Stagnation is only a temporary solution to affordable housing issues. We have to stop trying to get the easy solution that works in the short term and start getting better long term solutions and the fact is there are too many people wanting to live in this area (for the job market) than there are good options for them to live (close to where those jobs are). Affordable housing can be maintained AND development can happen. Provide temporary triggers like (as long as median prices are # then % of rental units must rent for $ or less).

And for god's sake remove the inane height restrictions as a concession for providing these affordable units, ie any affordable units will not count against FAR.

[pcity]

Columbia Pike is too close to DC to stay "affordable" regardless of whether the streetcar goes in or not. Tejada's fighting a losing battle, just like all gentrification opponents.

[NovaZombieDrivers]

How about resetting the factors that were in place for a century that pegged home prices to income.

Too many people are using homes as a short term income vehicle. Look at what happened to commodities prices when they moved to a standardized trading platform- when everyone is in the game it creates artificial demand. Implementing an "Owner Occupied only" mandate for home purchases is essential. The investors are part of the reason prices are as high as they are. Remember- these are homes not stocks!

Tighter leading guidelines- banks need to be strict about DTI ratios. Allowing people to buy more than they can afford ruins it for everyone by inflating the market.

Delinquent mortgages should be foreclosed on quicker. Let the supply hit the market

The majority of people who already own property do not want the above to happen. Their already in the game and don't care about anyone else getting a bargain.

[tysonsengineer]

Originally Posted by NovaZombieDrivers

The majority of people who already own property do not want the above to happen. Their already in the game and don't care about anyone else getting a bargain.

When they play with factors like this by NIMBYest tactics, they stagnate good development causing house prices to skyrocket near job centers like Arlington. This happens until all those people who brought the jobs here get fed up with the fact that 6 figure salaries are a minimum to get people to work there because it costs too much for employees to live in an area. They say screw it, we have an area that is just as educated elsewhere that has housing for 1/3 of the price, and BOOM we are in a job crisis in the region from escaping corporations.

[NovaZombieDrivers]

Originally Posted by tysonsengineer

When they play with factors like this by NIMBYest tactics, they stagnate good development causing house prices to skyrocket near job centers like Arlington. This happens until all those people who brought the jobs here get fed up with the fact that 6 figure salaries are a minimum to get people to work there because it costs too much for employees to live in an area. They say screw it, we have an area that is just as educated elsewhere that has housing for 1/3 of the price, and BOOM we are in a job crisis in the region from escaping corporations.

Many of my co-workers(including myself) are on a 5 year plan. Were here to work, make money, get experience, then move on because you really cannot get alot for your money in NoVa. We feel like we made good decisions, worked hard, took our careers serious and make decent money but when you look at what it gets you here its depressing. A home I can afford here would be in much worse condition than the one I grew up in. My parents didn't goto college and made alot less than I do(inflation adjusted). It is possible to both advance from your parents generation and also decrease your standard of living.

[CAVA1990]

Originally Posted by NovaZombieDrivers

Many of my co-workers(including myself) are on a 5 year plan. Were here to work, make money, get experience, then move on because you really cannot get alot for your money in NoVa. We feel like we made good decisions, worked hard, took our careers serious and make decent money but when you look at what it gets you here its depressing. A home I can afford here would be in much worse condition than the one I grew up in. My parents didn't goto college and made alot less than I do(inflation adjusted). It is possible to both advance from your parents generation and also decrease your standard of living.

Just curious where you think you're going to go after 5 years.

[NovaZombieDrivers]

Originally Posted by CAVA1990

Just curious where you think you're going to go after 5 years.

Perhaps back to New York where real estate has actually corrected to affordable levels. Since the bubble was so ridiculous in Long Island they crashed really hard. There are also commutable areas in upper NY like Bronxville or Nyack where you could make it into NYC in an hour or so.

I hear Richmond has a good job market and more affordable housing. Perhaps this city deserves a look.

[The Dissenter]

Originally Posted by pcity

Columbia Pike is too close to DC to stay "affordable" regardless of whether the streetcar goes in or not. Tejada's fighting a losing battle, just like all gentrification opponents.

I unfortunately have to agree. Being close to the Pentagon among other things, it is only a matter of time before the area goes gentrified.

[CAVA1990]

Originally Posted by NovaZombieDrivers

How about resetting the factors that were in place for a century that pegged home prices to income.

Home prices around here are pegged to buyer incomes. There's not much speculation in the market now. There are plenty of people who want to live close in who make a lot of money and there's not much additional supply going in.