Is Washington, D.C. prepared for the Amazon HQ2 ‘prosperity bomb’?
The most immediate impact of HQ2 for non-college-educated residents would most likely be higher housing costs due to increased demand from the influx of new workers. Housing is already pricey: more than forty percent of District residents face housing cost burdens, meaning they pay more than thirty percent of their monthly income towards housing. Indeed, when Amazon came to the region recently to meet with local officials, many of their questions focused on housing and affordability, suggesting they are well aware that the effects of their location choice will ripple through local housing markets. The city’s proposal acknowledges housing as an issue, noting it will “double-down” on its affordable housing investments, and separately, the newly launched Washington Housing Initiative, led by the private sector, should also help.
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