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Catherine Rampell, the New York Times’ economics editor, weighs in about the real estate plight facing local Republicans, who will soon be leaving the region. Bush Republicans were known for settling in Northern Virginia, clearly an unfortunate decision, given the area’s drastic downturn. In her post, Rampell, who lived in NoVa a couple of years ago, explains why these G.O.P.ers were so confident once upon a time, and also, what it means to be “fairfaxed” (a new little vocab word for me):
When I first lived in the area a couple of years ago, I remember hearing the curious term “Fairfaxed.” It referred to Fairfax County, Va., an overbuilt Washington suburb. Despite Fairfax’s perpetual gridlock, builders continued to plant residential high-rises around the county and beyond in anticipation that housing prices would climb ever higher. Residents in nearby Loudoun County lamented that their greatest fears were being realized: They were, after at least a decade of warnings, finally being “Fairfaxed.”
Fast-forward to today…And this is the market that many Republican officials, with few Washington job prospects during an Obama presidency, will have to sell in.