Of course this isn't actually true, as the roof over my head attests, but when compared to a mortgage this complaint is still substantive. Generally, buyers end with equity, renters end with nothing.
This fact, alongside the recent deceleration of housing prices in Seattle and, more importantly, the end of my lease, motivated me to enter the housing market for the first time in my life.
Unfortunately, due to the time required to close a purchase and the date I needed to vacate my apartment, I ultimately rented again. And while I'm happy with my new abode for now, I learned much from the experience, what it's like to try to buy on Capitol Hill, and how the neighborhood might improve the lot of middle-income buyers like myself.
Most importantly, those who own vacant land, un-used or under-used properties need to be held to account for their waste. During this time of stagnant economic growth yet consistently increasing prices which force already struggling middle and lower-income workers out of the urban buyer's market and into the suburbs, to leave a building or house unusable or unused is morally unacceptable and ethically suspect.
My search
As a single man with no kids, I ostensibly have more disposable income than larger families. This, however, is countered by the going pay-rate of my profession: teaching.
Thus, I had to set my goals rather modestly. $200k was my limit. Also, since I'd rather watch grass grow than mow it (or do any yard work whatsoever), I decided to look at condominiums.
As you can imagine, the market on Capitol Hill for affordable housing that meets this criteria is particularly tight. According to Redfin, as of Tuesday, 286 houses and condominiums are on the market, the most expensive priced at $5.85 million and the lowest priced at $149,000. The average price on the Hill is $439,000, with the average cost per square foot at a lofty $451.
Sadly, of those 286 units for sale, a mere 16 meet my modest hopes, while the rest are economically out of reach.
Behind
the prices
Many blame gentrification for this, but a real-estate shopping trip around the area demonstrates otherwise: that the problem is one of limited supply rather than the restoration of a previously down-trodden area.
First, people clearly like living here and, thus, few want to move. Next, while we thankfully have numerous rental units on the Hill, we have, well, numerous rental units. Each apartment might just as easily be a condominium. Third, since we're on a hill, more houses and condominiums than you probably realize have views.
Also, single-family dwellings take up a large part of the Hill and while this serves the needs of larger and extended families, the yards of these dwellings ultimately limit room for growth. And finally, too much land exists here that is either undeveloped or underdeveloped.
This last reason might have been the most frustrating as it is the only rationale from the list that lacks any justification. Driving east past the
1500 block of Madison until almost 25th Avenue, one can't help but notice the under-used buildings and empty lots along the way.
In this city and during these times of exorbitant housing costs, vacant houses, empty lots and tenant-less apartment buildings strike me as nearly criminal.
Manhattan
Driving by an empty house on 24th and Aloha, or the empty building Chocolate City once called home, I nostalgically recollected the squatting tradition based in 17th-century English common law. This law basically stated that one who maintained and improved upon a vacant building, in turn, becomes its owner.
New York City, especially Manhattan, has a rich squatting tradition. Many homesteads came into new ownership thanks to the work of those who took on the responsibilities of maintaining and improving vacated land and buildings.
21st-century Seattle might benefit from such a law. Should an owner become derelict in his or her duties and leave a building vacant for a certain amount of time, those without buildings to call their own might rightfully lay claim to it.
As they say, use or lose it.
Mario Paduano's column appears monthly in the Capitol Hill Times. Reach him at editor@capitolhilltimes.com.
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