Posts

Showing posts from March, 2013

DC Mayor Vincent Gray's Promise of Affordable Housing

This article about mayor Gray's "effort" to create affordable housing appeared in today's City Paper: http://www.washingtoncitypaper.com/blogs/housingcomplex/2013/03/12/gray-task-force-unveil-proposals-for-affordable-housing/ . In began to send an e-mail response to my associates here in DC; but, then it occurred to me that my e-mail was, in essence, a blog post. So, after reading the article, read my post below.....

Gray has committed to the creation of 10,000 units of affordable housing by 2020 (5 years after the term that he's serving ends, with there being uncertainty as to whether or not he'll win in 2014 or be able to complete a second term, being in his 70"s).

While I commend his "effort", his math is way off. $100M for 10,000 units comes out to $10,000 per unit, with the cost of creating a single apartment unit in DC exceeding $100,000. The article says that it would take $500M to $1 billion to keep his promise. I also made that p…