2017 was the year that a(n orange) real estate magnate took over the White House. It’s fitting, then, that developers who were already operating in the District continue to rake in the dough.

The local residential market may be cooling off a bit, but it’s still hot. Rents remain high despite new housing supply, and tenants—especially those who have lived here for years—are feeling the financial pressure. While D.C. home prices haven’t jumped as in past years, homes get sold quickly.

At the same time, many downtown office spaces remain vacant as organizations’ needs change. In light of this and scarce housing overall, some developers are weighing office-to-residential conversions.

Against that backdrop, the District government keeps touting its recent investments in affordable housing. But this year, it also limited access to emergency family homeless shelters and granted subsidies collectively worth tens of millions of taxpayer dollars to for-profit development firms.