But in 2026, as investors and developers flee D.C. to markets with more job growth and more business-friendly legislatures, Feldman knew the most efficient way to sell the property was to bring it to gas station operators. And he was right — Petroleum Marketing Group bought it for $7 million, saddling the neighborhood with a concrete slab in lieu of new apartments.
It’s a trend playing out across the city: Developments even in some of the hottest D.C. neighborhoods are being abandoned, sold, scaled down or deferred as investment money dries up. Permits to build housing last year were the lowest they’d been in 15 years, according to data from the U.S. Census Bureau. Groundbreakings across all sectors plunged 27% year over year, according to the Washington D.C. Economic Partnership’s annual development report.
In 2011, D.C. was rated No. 1 in the Urban Land Institute’s “markets to watch,” which rates cities for investment and development prospects. This year, it was ranked 49th.
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Photo courtesy of Getty Images.
16 days agohelloivana
It’s almost like higher unemployment means nobody has money to buy their shitty apartments!
16 days agokatmere
Well so this sort of headline serves to cause panic, and thus incentives and give aways…but maybe there is a better way. Yes this is a short term shock to our system. Yes it will hurt. But such investment is also extractive. Maybe this is also our chance to reset, and make some movement away from what has been a system that does not baseline serve all residents.
16 days agoarchiveofnowhere
Less tax giveaways to developers who only build luxury apartments and stadiums. The next DC administration needs to put on its innovative hat and rethink the economy of this city that is not reliant on one sector (government) and investors of only one form of developers. Make the city livable and affordable for the real middle class, the creative class, independent businesses and it will thrive. I’ll be happy to facilitate the innovation sessions 😉 @janeese4dc @robertwhite_dc
16 days agosocialmediaisbs
I mean, you do run out of land at some point. DC has to pivot to other ways to circulate money WITHOUT increasing taxes. Maybe, return to telework and cancel some leases on unnecessary office space, and everything associated with maintaining buildings. It's time to embrace the future, NOT have a death grip on the past.
16 days agobluesometwosome
This is what happens when you continue to build properties that fewer and fewer people can afford and/or see the value in them. It doesn’t help that the laws allow tenants and squatters to live in their apartments for months without paying rent. That is a real deterrent to any new rental projects.
16 days agochareyjackson
Good. I’ve been in those cheap luxury apartments. You can hear your neighbors like they’re sitting right next to you.
16 days agogustavonerdz
housing shouldn't be a speculative market. of course "investors" will sit on their unprofitable properties forever rather than sell or rent them for what they're worth
17 days agotheeventstaff
There is plenty of people in dc who have the money to pay DC rent. What the issue is are legislators who are running it like LA. You think politicians wouldn’t love to live in DC proper?
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