On Friday The Wall Street Journal published a long article about the real estate market in Washington, DC. It’s booming.
Bidding wars are breaking out. Foreign buyers are moving in. A new wave of contemporary architecture is taking hold. And a growing class of tech executives is helping to fuel the boom.
All this is happening in Washington, D.C., a town known for its relative affordability compared with cities such as New York and San Francisco, and for architecture about as exciting as its fashion sense. Today, home prices in Washington and its surrounding suburbs are rapidly rising to new levels.
As other American cities have been buffeted by an uneven economy, Washington’s property market has been buoyed two forces specific to the capital city: a surge of federal contractors and a rising tide of government spending. The result: what real-estate agents and developers are calling an unprecedented real-estate surge. (Read More)
That unprecedented real estate surge is courtesy of we the taxpayers. It’s like the Hunger Games.