The fate of tens of thousands of apartments in Washington, D.C., is balancing on a knife's edge.

The abrupt closure of Neighborhood Development Co. last month sent shockwaves through the city's housing industry, but the firm's implosion is far from an isolated case. Deputy East Coast Editor Jon Banister spoke to city officials and politicians, industry advocates and several developers, all of whom acknowledged the brutal reality: the vast majority of income-restricted apartment buildings aren't generating enough income to cover their expenses. More than 20,000 units are at risk of foreclosure, housing nearly 50,000 residents — roughly 7% of the District's population.

Several factors are to blame, and the D.C. Council and Mayor Muriel Bowser's administration say they are focused on finding solutions quickly. But many landlords who provide homes for the city's most vulnerable residents say they are at risk of suffering the same fate as NDC. It's a crisis that risks destabilizing the entire housing ecosystem in the nation's capital. 

—Ethan Rothstein, Bisnow Deputy Managing Editor