Knocking on Doors in the Villa
After several days of snow and freezing temps, we had a warm day yesterday.
So I was out hitting doors in Fairfax Villa, a residential community tucked in behind George Mason University and Fairfax City. It's a neighborhod I know well (growing up, my best friend lived on San Juan Drive) The houses are older and smaller sitting on quarter-acre lots. Many residents have lived there 40+ years.
As the middle-class heart of the County, the Villa is also "ground zero" for a lot of economic trends. I noticed that knocking doors in spring 2007 when I was suprised by the number of "For Sale" signs dotting lawns. That was my first clue that the real estate market in Fairfax County was not just declining but might be imploding.
Nothing dramatic. At least one voter wondered why the County was still spending money on "affordable housing" in this day and age (that's a damn good question. Anyone have an answer?)
I'll be back out today and see what's going on. Special election in Braddock on Tuesday as my good friend Ilryong Moon is looking to become the next Supervisor.
My guess is that because affordable dwelling units are for people who would otherwise spend more than 33% of their income just on rent. I always was under the impression the program was primarily geared toward rental units. If anything, programs like that are more important than ever. For families on the edge who have been foreclosed on and can not afford market rental prices.
Dan: Thanks for the post. With RE prices dropping like a rock, this is the wrong program for the wrong time IMO. If anything, you could be subsidizing above-market rental prices thru taxpayer money. Would much rather see the funds used to create (or maintain) jobs or health care.
I agree with Chap. As it's become quite obvious I'm not going to be able to sell my townhouse in Twinbrook anytime soon, I've explored renting it out and buying a larger house for my expanding family. Unfortunately, the rents in my neighborhood seem to top out at about 75% of my mortgage payment. We can't afford to cover the difference and pay another mortgage...so for the time being, we're stuck.