D.C.-Area Political Leaders Discuss Post-COVID Issues

Washington, D.C.-area political leaders stay upbeat concerning the area’s prospects for financial progress because the coronavirus pandemic wanes and folks return to pre-pandemic modes. Nonetheless, they’re additionally cognizant of challenges that should be addressed together with the dearth of reasonably priced housing.

4 political leaders, D.C. Mayor Muriel Bowser, Montgomery County Government Marc Elrich, Arlington County Board Chair Katie Cristol and Fairfax County Board of Supervisors Chair Jeffrey C. McKay, participated just about within the D.C. Chamber of Commerce’s State of the District & Area Convention on Sept. 30, sharing their views.

“All people is struggling to determine what the long run might be,” Elrich mentioned.

Bowser mentioned the District has bounced again from the unfavorable affect of the pandemic.

“We’ve recovered,” the mayor mentioned. “We’re fortunate on this area in that we haven’t had enormous impacts on earnings. As a matter of truth, some staff noticed will increase of their incomes whereas others misplaced earnings as a consequence of their employment within the hospitality and leisure industries.”

Bowser mentioned individuals ought to be ready for a slowdown within the financial system within the close to future based mostly on the actions of the Federal Reserve Board. She famous that the business actual property sector has recovered “fairly effectively,” including that the District authorities will report “extra revenues than anticipated” for the previous month.

Bowser’s monetary prediction could be confirmed in D.C.’s September 2022 Income Estimate with the forecast for native fund income revised upward for fiscal yr 2023 by $93.7 million with a complete revision upward of $451 million throughout fiscal 2022-2026.

Cristol mentioned regardless of the uncertainty of the long run, legislators proceed to anticipate tips on how to put together for the following few years.

“We’re seeing a complete transformation of economic house,” she mentioned, including that Arlington has a excessive workplace emptiness price with which to contend.

McKay mentioned Fairfax residents have given its authorities excessive marks on its efficiency through the early a part of the pandemic.

“Over 70% of residents complimented us on the pandemic,” he mentioned. “Fairfax put out $70 million for native companies to outlive through the pandemic. There might be a few years of potential affect as a consequence of COVID. We nonetheless haven’t ended our state of emergency.”

Elrich mentioned Montgomery County has gotten to a superb place economically and seeks to have interaction enterprise homeowners on what the federal government may do to fulfill their wants with the intention to foster progress and stability.

The entire leaders agreed that an reasonably priced housing disaster exists within the Washington space.

“The Washington, D.C. area is extremely alternative wealthy and an extremely high-cost space,” Cristol mentioned. “We’ve a regional housing scarcity.”

Elrich mentioned in Montgomery County, there are 50,000 residents who earn about $150,000 a yr and have an issue discovering reasonably priced housing.

“It would take about 75% of housing to be backed [by the government] to be reasonably priced within the county,” he mentioned.

McKay mentioned earlier county leaders set a aim of 10,000 new housing models by 2034 and he’ll work to see that occur.

“This board has prioritized reasonably priced housing,” he mentioned. “The ten,000 housing models aim is only one piece we’re doing on behalf of reasonably priced housing. Each choice is on the desk. We wish to focus our reasonably priced housing close to Metro stations. Plus, we

need reasonably priced housing all over the place in Fairfax County, not simply in sure areas.”

Bowser famous her aim of 36,000 new housing models by 2025 and mentioned she agreed with McKay on the place reasonably priced housing ought to be positioned.

“Reasonably priced housing ought to be in all eight wards,” the mayor mentioned. “The personal sector gained’t do it by itself. I’ll proceed to press for a regional aim on housing.”