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0 sats \ 12 replies \ @Bell_curve 8 Aug \ parent \ on: Bitcoin Facing Selling Pressure From New Whales as BTC Hovers at $57,000 bitcoin
What or who is making DC so expensive?
More federal employees?
I am guessing it’s lobbyists who are well compensated
K street real estate must be most expensive at least for commercial
That is the million-dollar question because a ton of the government jobs are either hybrid or remote now so the government buildings themselves are super super low on occupancy.
The big three firms have had some pretty recent and significant rounds of layoffs/non-contract renewals. The district does itself no favors with having taxes on everything I mean when you get your hair cut there is an "environmental fee" for god's sake.
There is a super odd dynamic in the city right now where for people who live in the city as getting crushed but traveling to work is a huge issue so a lot of workers are essentially trapped. I think the entertainment and restaurant side of things is only able to stay afloat right now due to tourists. The tourists booming right now and that seems to be what is keeping people afloat.
Congressional staff like myself do not benefit from when the Federal workers get an inflation-related pay raise like Biden has been doing the last few years. Congress hasn't increased spending on themselves to really retain the best staffers as well. It is a huge catch-22 as people like myself get kinda fucked over. I love the work and who I work with otherwise this wouldn't be worth it since I can make so much more in the private sector.
Going into 2023 I received a raise of less than 3% when Federal workers across the government received double-digit raises due to inflation. Our salaries themselves are already low and it wasn't until 2022 that the House put in a floor that you had to pay staff at least 45k a year. I knew staffers who were making $35k so they had to have second and third jobs. I've been at the Committee I work on for over 2 years and I still do not make a salary that is considered middle-class ($80-100k) for reference.
Within my coworker group the policy staff really makes at most the $80k level and the heads of the subcommittees and the committee at large make low to mid 6 figures. Its talked about openly that if you have a family and you make $150k on the hill you either A have to live in an apartment or B have to leave the hill to make enough to afford life in DC.
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well put
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I forgot about tourism!
Have you seen Veep? I have heard it is funny and realistic. Funny because it is realistic
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it's a transitory city. people usually don't stay for more than 5 years. they come for work, a name on a resume, and then go up to new york or back to where ever they came from. so for them, they don't care what the prices are because it's not their long term home. this also ripples into the community and culture building aspect of the city. i would say it's people working on the hill more then fed employees but i could be wrong. that wasn't my industry and i did my best to stay far away from those people. no shade @Cje95, you know the dc handshake: what do you do, and who do you work for?
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Understood
Wasn’t DC a cheaper place to live and work when Marion Barry was mayor?
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i see what you're doing. every person that pursues power is corrupt or will be with enough time. left unchecked they become grifters, extracting everything from the people they swore to protect.
don't turn it into something else.
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No
I mean DC was cheaper during the 1980s and 90s
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facts, but so was everywhere else in the whole world. i could have bought a whole building in manhattan in the 80s under koch. maybe i'm reading into it too much or missing something?
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I’m not discussing the entire world or Manhattan.
Plus cost of living doesn’t rise equally in every city or state or country
Your answer is very defensive and obnoxious.
If you don’t know the answer say nothing or declare ignorance
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fair enough.
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Let's brainstorm for one city at a time.
I'm legitimately curious what happened in DC and Manhattan during the 1990s.
I know Manhattan started recovering starting around 1994. I noticed that a lot of my friends and classmates were moving to Manhattan in 1994. My cousin moved to NY in 1994 and bought a place in 1997 which was prescient.
Crime also fell unexpectedly in 1993 (Steven Levitt, Freakonomics).
Manhattan became safer after 1993 and was very safe by 2003.
So low crime, higher population = higher rents, cost of living, etc.
Maybe DC experience something similar?
I think it did because the demographics of the city also changed.
More transplants, fewer Redskin fans living in DC?