D.C.’s chief financial officer, Natwar Gandhi, issued a memo to the Office of Planning today outlining the benefits of the city’s recent population growth, concluding that the influx of younger residents has been a great boon for the District’s finances. To which the Office of Planning probably said: No shit.
The memo references new residents with “relatively high disposable incomes” who spend money in “District restaurants and its growing retail sector, boosting sales tax revenue, when sales tax revenue was falling almost everywhere else.”
This growing population also prevented local home values from falling as steeply as they did elsewhere. And these residents have spurred “a nascent tech startup culture in D.C.,” which in turn has helped make the region one of the most active places in the country for investment capital.
The memo stays clear of the now-pedestrian term “millennial,” but more scientifically determines that “the growing population of younger, highly educated cohorts brings more revenue to D.C. coffers, which fund more and better services and amenities, which increase the attractiveness of D.C. as a place to live and work, and so on.”
Between this memo and last month’s Washington Post millennial series, which microdetailed how younger residents spend their disposable income, it’s been a great couple months for The Greatest Generation—-er, millennials.
Read the full memo below:
Photo by Jessica Sidman