Today's Sunday Times front page had an interesting front page article. Apparently financiers are worried about the apartment bubble busting. Those of us living in areas where mass units are being built have been wondering about this and more for years!
Take the Ballard/Greenwood area for instance. Over the past 3 or so years, complexes, containing 100's of units, have been built up and down some of our busiest streets. I've lived in this area for 61 years and I can't see any difference in the actual streets now vs. when I got my license in the mid 1960's. OK, I lied. There is a BIG differnce. The streets are really crowded now due to more buses/cars/trucks on them AND 'cuz lanes have been taken away for bikes. Keep in mind that for the most part, where these new complexes are being built, NOBODY was living prior. We're adding more and more people and "apparently"not giving any thought to doing anything to relieve the traffic backups. I guess Mayor McSchwinn is hoping we'll all give up our cars and ride bikes or take Metro.
The big picture has to be that all facets of government will bring in more in taxes now. It only makes sense. A vacant lot can only be taxed so much. Build a 30 + unit apartment, or bigger, complex and wa-lah.....a bigger tax footprint! Soon there'll be enough revenue and all those fine folks in Olympia can go right back to spending just like the good old days!
Steve "Big Doogg" Drake
