Friday, February 08, 2008

Interesting article at today. It’s entitled, Economist: Seattle-area home prices manageable for typical workers. The chief economist for the National Association of Realtors, Lawrence Yun, spoke recently in Bellevue and named Seattle an up-and-coming “Superstar City” where average home prices are not directly dependent on average income for the area.

Many people think that if the average person or family cannot afford an average home, then people will stop buying homes. But despite the recent building frenzy, the population in Seattle continues to outgrow the supply of housing. There are enough people earning above-average incomes that the prices of homes in Seattle will remain stable until we build a lot more affordable housing.

The only way to make housing more affordable in Seattle is to build more of it. Our greater community, our “Superstar City”, needs to continue increasing density in order to maintain economic diversity.

The best way to increase density is to build more LEED-certified mixed-use high-rise towers in the city’s core neighborhoods and allow more density for high-quality LEED-certified townhomes in low-rise residential neighborhoods, and much more public transportation on rails is also necessary, but that’s another post for another day…


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