Watching land prices rise around Puget Sound and western Washington, I think I see the future. Land costs extending beyond the reach of all but institutional investors.
Our economic engine will continue to bring people here, demand for housing will continue to rise, the Growth Management Act will limit supply, so we will be forced to move vertically. Up will be all that’s left.
We’re already seeing this in the downtown core. Most housing in the Seattle neighborhoods are multifamily. With exceptions, of course. But I’m sure those will succumb, too.
I don’t view this negatively. More than its simply the way of things, especially in places that people want/need to live. This city won’t be my grandmother’s Seattle, but it will be Seattle.
