EYA’s Chief Acquisitions Officer, Aakash Thakkar, joined a panel of developers speaking to D.C. Council’s Committee on Business and Economic Development on critical housing reform efforts aimed at addressing the current slowdown in multifamily development across the District.
Read the article in the
Washington Business Journal
The panel included a number of developers (including Jair Lynch Real Estate Partners, Roadside Development and Dumas Collective) and industry leaders, including Aakash, voiced concern that D.C. is falling behind the region in delivering new multifamily housing. Data shows that rising interest rates and pandemic-related factors have contributed to a slowdown in new construction and there is fear that the limited housing supply will lead to an even higher cost of living for residents.
Aakash and the other developers proposed passage of the Mayor’s RENTAL act, which modernizes the District’s Tenant Opportunity To Purchase Act (TOPA) and other regulations that constrain the District’s ability to provide new housing. He also suggested a temporary 50% tax abatement on all new multifamily development. This abatement could help reinvigorate the local development pipeline and make much-needed housing more attainable.
Additionally, the developers highlighted the limitations of the District’s comprehensive plan process, noting that unlike neighboring jurisdictions, developers are unable to pursue amendments for specific projects thus hampering the ability to meet evolving market demands during the initial phases of a project. The group called for reforms to both the entitlement process and land-use flexibility to better meet the city’s evolving housing needs.
Featured in the Washington Business Journal (WBJ), the article quotes Councilmember Kenyan McDuffie, I-At large, who chairs the committee:
“One of the things I appreciate about today's roundtable is that we heard those types of big ideas and perhaps unconventional solutions, and I think everything should be on the table...We have to think comprehensively about how we really try to jump-start some areas of our economy."
- Councilmember Kenyan McDuffie
To learn more about the panel discussion, click here to read the WBJ article.
For over 30 years, EYA has been a market leader in the development of large-scale, urban infill residential projects. With expertise in for-sale, multifamily and mixed-income housing, EYA has created over 50 exceptional neighborhoods across the greater Washington area.
Learn more about EYA's development capabilities here.
*Image Credit: Abdullah Konte/Washington Business Journal
