The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
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Thursday, March 15, 2018
Commissioner Fish Claims Portland Doesn't Need to Foster Private-Sector Development; Economist Joe Cortright Responds
According to the Willamette Week, Portland Commissioner Nick Fish claimed that new housing development, particularly at the high end of the market, does not benefit renters at the lower end of the market. He referred to the case for increasing housing supply in the city as "trickle down housing," and called it "so preposterous on its face, that it is not worthy of discussion." The Willamette Week reached out to local economist Joe Cortright for a reply. Cortright responded with a lengthy email explaining housing economics and the impact of a supply shortage on rents in the city. According to Cortright, "If you care at all about affordability, you have to build all kinds of housing, including for upper income households. If you don't, the ones who will pay the price will be the ones that Commissioner Fish says he cares about."Read more.