Importance of Affordable Housing in DC Commercial Real Estate Development

Breaking it down: Sunil Chhabra, Senior Managing Partner at The ONE Street Company, talks about transformative changes in affordable housing in the DC Metro area and other move-to-work cities.
In a chat with our Director of Commercial Properties, Sacha Moise, Sunil speaks about Government initiatives that are making a real difference, adapting housing vouchers (formerly Section 8) to match local market rates. This is opening up a whole new world of choices for families, impacting communities and investors in significant ways!
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Transcript:
"And Sunil, you've had a ton of success with affordable housing plays here in the DC metro. Share with us a couple of those wins. I know that we've got a couple buildings that are coming now for sale, but share with us how that affordable housing lane has been really good to you and your investors.
Yeah, so Washington DC specifically, and cities like New York, San Francisco, Chicago, Boston, you name it, these are moved to work cities. So the affordable housing programs, they typically affordable housing, what used to be called section eight, was really just kind of pigeonholed into certain neighborhoods and cities.
And the problem with that was it didn't actually satisfy the goal of affordable housing. The goal of affordable housing is to take people who unfortunately cannot afford to live in any part of the city and give them equitable opportunity to live anywhere they want to live.
And just enjoy the opportunities of a neighborhood that hasn't had really a lot of a negative history as a lot of certain neighborhoods and cities. So affordable housing vouchers are a great mechanism in these moved to work cities to allow tenants to move anywhere they can.
And what the cities do is actually don't cap the rents. They allow the vouchers to match the market rate rents of that specific neighborhood. So in practice, a family who may not have had access to a specific neighborhood or school system can now get involved."
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