Tariffs Are Hurting YIMBYs

While I’m not a full-throttled YIMBY (though, increasingly, NIMBY idiocy is pushing me in that direction), once a building has been approved, we should have it be built to the approved height–we do need the housing. But this is a very particular reason for a developer building a smaller building than was asked for (boldface mine):

A T-shaped planned-unit development was approved in 2016 to build atop and around the one- and two-story buildings at 1126 9th Street NW (map) in Shaw, delivering 33 condos atop 3,723 square feet of office or retail space. Now the developers are seeking a modification of consequence, and offer a very specific explanation for why the proposed project will now be smaller.

“Since the Commission’s approval of the Original Project, external factors have made the Original Project impractical, requiring the requested modifications,” the application states. “Most significantly, construction costs have increased dramatically in the past twelve (12) to fifteen (15) months. Proposed tariffs have already had a dramatic impact, causing a previously unforeseen ten percent (10%) spike in the price of steel. Therefore, the proposed concrete and steel building was no longer financially viable to construct. The Revised Project is shorter and smaller because of the recent and significant run up in construction costs.”

The newly-proposed building along M Street will be 61.58 feet tall rather than the previously-approved 61.33 feet tall, and 74.4 feet tall rather than the previously-approved 100 feet tall fronting 9th Street.

A more simplified and efficient interior layout will reduce the number of residential units from 33 to 15 and increase the commercial space by 50 square feet. There will still be two inclusionary zoning units: a 697 square-foot unit for a household earning up to 50 percent of area median income (AMI) and a 709 square-foot unit for a household earning 80-120 percent AMI.

Heckuva job Il Trumpe.

This entry was posted in DC, Economics, Housing. Bookmark the permalink.

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