The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Wednesday, December 21, 2016
Inclusionary Zoning Approved by Unanimous Vote in Portland
The Portland City Council voted on Wednesday to approve the inclusionary zoning proposal it has put forward in recent weeks. The policy requires apartment and condo developments with more than 20 units to set aside 20% of units for households making less than 80% median family income (MFI). In 2016, area MFI was $58,650 for a family of 4. During discussions over the past few weeks, economists and developers have expressed concern that this policy will slow development of new units and restrict supply at a time when the city's population continues to grow at a strong pace. Read more.