The latest news of interest to multifamily owners of apartment buildings in Oregon and Washington.
Build Your Legacy with HFO.
Wednesday, March 14, 2018
Recent City Council Decisions Could Have Chilling Effect on Housing Development
The Willamette Week reports that recent city council decisions regarding developments in the Pearl District and RiverPlace neighborhoods could discourage developers hoping to build in the city. Portland is already facing a shortage of development applications due to the inclusionary zoning requirement, and has been facing a housing shortage since 2015 when a Housing State of Emergency was first declared. Rents had started to flatten in the city after a large number of new units were completed in 2016 and 2017, but as new residents continue to move to the metro area new developments will be needed to meet demand. Michael Wilkerson, a senior economist for ECONorthwest, told the Willamette week that the City Council is sending a message that "if you're expecting to go quickly through the design process, it can be slowed down and derailed." Read more.