DC, The Imperial City, The Crony Capital

The crony capital shines on the Potomac these days. Freshly minted Tesla Ss ferry well heeled lobbyists across the 14th Street Bridge and through the canyons of K Street. Great restaurants abound. Suited politicos stroll down the sidewalks at lunch. Above, cranes build new shiny office buildings. One can feel the wealth. And the wealth is bigger than it was even 5 years ago.

Of course, for the most part it is wealth aggregated from the rest of the country.

(From The New York Times)

The buyers aren’t just locals. Increasingly, the superrich from around the world are discovering the benefits of owning a home in Washington. Aside from being a bargain compared with New York or London, it gives business owners and power players access to the seat of government.

“These people already have a home in London and Hong Kong and New York, and they realize that if they add Washington to their portfolio, they can entertain there and advance their cause,” Mr. Lowham said.

European luxury brands have also found it lucrative to have homes in the area. Hermès opened a 6,000-square-foot boutique in CityCenterDC in 2015, celebrating with a blowout dinner that featured foie gras feuilleté and waiters wearing giant white hats that looked like clouds.

Click here for the article.