Today the Wall Street Journal editorial entitled “America’s Boomtown” points out that while “angst may pervade the land at year’s end” there is one place where residents can “rest easy” because according to the Washington Post “the District is reliving its boom days while much of the nation is still struggling to emerge from a historic housing-market meltdown.”
But, as the bidding wars ensue in a real estate market characterized by the Washington Post as “red hot”, where a townhouse recently listed for $337,000 sold for more than $760,000 with 168 offers, the District’s residents are not “resting easy,” as the WSJ suggests. In fact, the District is working tirelessly to enact new “affordable housing” policies.
In the District’s budgetary debates, advocates of “affordable housing” hope to influence council members not to make spending cuts in the face of “severe” housing needs. “Reasonable housing here in D.C. is just vanishing,” says Jenny Reed, the leader of a study on city housing for the D.C. Fiscal Policy Institute (DCFPI).
So, you see, as Ronald Reagan told us, the more the plans fail, the more the planners plan. Through more spending, more regulations, more bureaucracy, the government looks to solve the very problem that it created in the first place.
The WSJ editor should recognize that the capital city and its inhabitants will never “rest easy,” in boom or in bust!