McLean
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Axios DC
D.C. developers weigh in on Janeese Lewis-George's housing promises
Mayor-elect Janeese Lewis George campaigned on protecting tenants while getting more homes built in D.C. — 72,000 in five years. Developers say she has her work cut out for her. Why it matters: D.C.'s development market has slowed dramatically amid federal job losses, unpaid rent, regulatory hurdles and high financing costs. What they're saying: Developers welcome JLG 's promise of higher-density development and expedited permitting, but say those changes alone won't be enough to fix the current market. "There needs to be a full-on PR campaign in D.C. to change the stigma around investing [here]," says Ian Ruel of commercial real estate group Feldman Ruel. Ruel says D.C.'s tenant-friendly policies have instead driven developers toward places like NoVA, which some see as "more pro-business" with "more perceived growth." Instead, several experts Axios spoke with want JLG to address the same thing right off the bat: unpaid rent. "It's fundamental, because without those rent revenues, buildings can't really operate," says Peter A. Tatian, an Urban Institute housing expert. "It's putting a lot of the housing at risk." Tatian also says stabilizing and preserving existing affordable housing should be prioritized before focusing on new builds. Reality check: Developers praised Lewis George's housing