More D.C. Housing Market Insanity

Read this section from an article about some new apartments near George Washington University, and find what doesn’t make sense:

Like the idea of moving to your new apartment with just your laptop and clothes? Welcome to Varsity on K, which offers furnished apartments with all-inclusive rents in a former George Washington University dorm at 950 24th St. NW in Washington…

The rent ranges from $2,500 for a studio to $5,800 for a three-bedroom unit. There is also one three-bedroom and den unit overlooking Washington Circle that rents for $10,000 per month…

Like those developments, the Varsity on K is being marketed as an option for undergraduate and grad students, recent graduates and young professionals.

How many graduate students and recent graduates could afford to pay $30,000 per year to live in a 535 square foot studio? And why would they?

Insane. And this is yet one more argument why we need much more progressive taxes.

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