Thursday, May 23, 2019
Tenant Screening Ordinance Hearing Postponed to 5/29 at 6:00 pm. After Council Bickering Blows Up Budget Talks [video]
Unable to take a final vote on the budget, the council was forced to reschedule the public hearing for the draft tenant screening and security deposit ordinances. Those issues are rescheduled to Wednesday, May 29th at 6:00 pm.
See the video of yesterday's discussion by clicking here.
Read the latest screening ordinance here.
Read the latest security deposit draft here.
This post was updated 05/23/19 at 3:54 pm with the date and time of the rescheduled hearing.
This post was updated again 05/23/19 at 7:15 pm with yet another date and time of the rescheduled hearing.
The property's operations requried adjustments for costs associated with capital improvements and owner management. HFO worked with investors familiar with the outer east side neighborhoods of Portland and Gresham to complete a successful sale of this asset.
Wednesday, May 22, 2019
Judge Acosta spent much of the City Attorney's time asking questions, offering his counter-argument, and expressing concern over the City's ever-changing ordinance.
A ruling is expected in the case by the end of next week.
In a two-day trial last week, unreinforced masonry building owners learned in testimony by Mike Haggerty how buildings were placed on the City's "official" URM list.
- From 1990 to 1993 the City of Portland had a total of 3 Portland State University students conduct the survey over the course of three summers
- The students were not the same students each summer and conducted their official survey on foot
- The areas only included downtown and the exact perimeter is unknown
- The city did not survey buildings on the east side, Multnomah Village, St. Johns or other areas
- The students eyeballed a building and checked a box
- They did not know that the list would be used 27 years later as the City of Portland's official list, and they did not know that by accidentally checking the wrong box they could impact real people
- They had no significant training for the job and there was no field manual
- Their work was "spot checked" by an actual engineer
- The project had no budget
"The URM database was established in the mid-1990s.Trained City staff, in collaboration with Portland State University (PSU), surveyed all commercial buildings in the City of Portland using procedures developed by American Technology Council (ATC) to identify different building types. This survey was based on site visits and visual inspections of building exterior combined with research of existing building records and permit history. Based on this survey of buildings, buildings that were identified as URMs were listed in a URM database." ~ Shelly Duquette
Tuesday, May 21, 2019
And as commissioners and staffers are patting themselves on the back for collaborative work and building a good product, an individual working closely with the rental services commission bluntly confirmed: "It's not that different at all."
The only change we noted aside from clearer wording was this single item cited in Willamette Week:
Instead of requiring landlords to set the minimum income required for an apartment at two times the rent, the new policy will benchmark the requirement to apartments affordable to 80 percent of area median income: above that, landlords will be required to accept income that's twice the rent; below that the requirement will be 2.5 times the rent.A hearing on the draft tenant screening ordinance is Thursday, May 23rd at 3 pm at Portland City Hall.
Note: this article updated May 22nd at 2:54 pm with a draft screening criteria that was updated on the City of Portland's auditor website after 7:34 am on Monday, May 20th.
Monday, May 20, 2019
Smart Growth advocacy group up for growth released a report criticizing Portland's inclusionary zoning policy, and the Mayor is requesting $150,000 for an independent review of the program; a US magistrate judge heard from building owners and city officials as the lawsuit against placarding signs for unreinforced masonry buildings moved forward; and Vancouver, BC continues to face a tight housing market despite efforts to upzone and new taxes on foreign buyers.
City Council to Hold Hearing on Revised Tenant Screening & Security Deposit Ordinances Thursday, May 23rd
Revised Tenant Screening Ordinance
Revised Security Deposit Ordinance
Note: this article updated May 22nd at 2:54 pm with a draft screening criteria that was updated on the City of Portland's auditor website after 7:34 am on Monday, May 20th.
Friday, May 17, 2019
Portland City Attorney Warns City Council about Legal Issues in Tenant Screening & Security Deposit Ordinances
Thursday, May 16, 2019
A legal summary of that change is on the following page. It indicates that the law enacts a new graduated rate scale for real estate. The flat tax of 1.28% will be replaced January 1, 2020, by the following rates:
- 1.1% – Portion of selling price less than or equal to $500,000
- 1.28% – Portion of selling price greater than $500,000 and equal to or less than $1.5 million
- 2.75% – Portion of selling price greater than $1.5 million and equal to or less than $3 million
- 3.0% – Portion of selling price greater than $3 million
Historical operations were impacted by a broken water main. HFo worked to help investors understand the challenging historical operations and appreciate the asset's upside opportunity.
Tuesday, May 14, 2019
Prior to sale, the property had new windows, roofs and siding. HFO worked with investors familiar with outer east side neighborhoods of Portland and Gresham to orchestrate a successful sale.
Monday, May 13, 2019
Hearings Begin Tomorrow in Federal Court as URM Owners Seek Preliminary Injunction Against the City of Portland, OR
In early April the City of Portland was found in violation of a temporary restraining order by attempting to enforce its placard ordinance. A few weeks later, the court found the City in violation of the restraining order a second time.
Attorneys representing owners of unreinforced masonry buildings had to send a letter demanding remedies for the second round of violations of the court's temporary restraining order, specifically for these violations:
- The City illegally recorded contracts on titles.
- The City illegally accepted contracts after the temporary restraining order date.
- The City failed to remove enforcement language on websites.
The judge ordered the City of Portland to:
- Remove the encumbrances off titles and deeds.
- Return the contracts to building owners.
- Refund the costs related to contract recording.
- Update placard websites with a restraining order notice.
- Follow a phone and email script approved by Judge Acosta.
Judge Acosta begins two full days of hearings Tuesday, May 14th and Wednesday, May 15th at 8:30 am in courtroom 11B at the Federal Courthouse located at 1000 SW 3rd, Portland, Oregon.
Unreinforced Masonry Owners are hoping to win this first round of hearings in order to move forward with a motion for a permanent injunction on the placard requirement.
Listen to our latest podcast.
Friday, May 10, 2019
Thursday, May 9, 2019
HFO targeted investors with properties on the east side of the metro area, helping the potential buyers factor in management upside opportunity.
Wednesday, May 8, 2019
Tuesday, May 7, 2019
Monday, May 6, 2019
Listen to our latest podcast.
Friday, May 3, 2019
Given the unique unit mix and property vintage, HFO worked to demonstrate possible upside through ongoing interior updates. Hampton HIlls was sold to a buyer participating in a 1031 tax-free exchange.
Wednesday, May 1, 2019
Tuesday, April 30, 2019
HFO Investment Real Estate worked with investors familiar with Vancouver assets without stabilized historical operations to finalize a successful sale.
Monday, April 29, 2019
Despite dismal reports on the City's inclusionary housing policy City of Portland Housing Program Specialist Brett Eisenbrow responded to an HFO inquiry on potential revisions by saying "...there are no program changes scheduled... as we review and revaluate [sic] the IH program in the future..."
This week: The Portland City Council will vote May 23rd on screening and security deposit reform after Mayor Ted Wheeler called for significant changes to the proposals; a growing number of high-income households are renting instead of buying; and the New York Times reports that 2020 presidential candidates are working on strategies to help renters.
Friday, April 26, 2019
Wednesday, April 24, 2019
Tuesday, April 23, 2019
Monday, April 22, 2019
This week: The US Treasury Department issues long-awaited guidance on opportunity zones; new data pinpoints dramatic effects of climate change on Portland neighborhoods; and a Harvard Business Review study has found that in cities with increasing Airbnb listings, housing costs also rise.
- Rental vacancy rates in Greater Portland increased 55 basis points to 4.95%--but remaining relatively unchanged from one year earlier.
- Rent rates increased 4% in the past six months and were up 7.7% on average from one year ago.
- Note that these rent rates do not represent "effective" rent rates due to the offering of concessions, which are becoming more prevalent in the market.
|Click to Enlarge|
Thursday, April 18, 2019
The Bureau of Planning and Sustainability is holding a work session on April 30th at 5pm. A recommended draft will be formed thereafter and forwarded to the City Council for a public hearing and vote. The public hearing and testimony period will be the next opportunity for citizens to provide testimony on the proposals.
Monday, April 15, 2019
The most rent burdened city in Oregon is Corvallis, where 40% of households pay more than half of all income on rent. Eugene has 38% of households that are rent burdened, while the number in both Ashland and Grants Pass is 33%. Read more.
This week: San Francisco plans a final vote this week on legislation giving local nonprofits first right of refusal over the sale of multifamily buildings. Now entering its third year, Portland’s inclusionary housing policy has resulted in just 422 housing units being permitted – with only a handful finished and available for rent. And the Portland Mercury examines the potential impacts of Portland’s Residential Infill Plan
Friday, April 12, 2019
Wednesday, April 10, 2019
Tuesday, April 9, 2019
Monday, April 8, 2019
Portland's Inclusionary Zoning Policy Isn't Producing Enough Units, Housing Bureau Working on Changes
This week: ongoing multifamily deliveries in the Seattle market are expected to keep rents flat there for the next several months; Portland's Rockwood neighborhood remains hopeful that its opportunity zone designation will bring much-needed development, and new health survey has found that a large number of renters are putting off medical care in order to pay rent.
Friday, April 5, 2019
Thursday, April 4, 2019
Tuesday, April 2, 2019
Multifamily NW in Portland Business Journal: Portland Needs a Tenant Screening Process That Would Truly Make Housing More Accessible to All
Monday, April 1, 2019
Rent control does not work. That’s one of the most settled issues in economics, one widely accepted across the ideological spectrum. Yet politicians continue to peddle rent control with seemingly willful ignorance.
Oregon is the most recent state to embrace the rent control orthodoxy. The day after rent control prevailed in Oregon, marchers took to the streets in Olympia, demanding that Washington also succumb to a proven policy failure. But Washington should side with settled economic science, not naïve populism.
Rent control’s failure begins and ends with the most basic concept in economics: supply and demand. When politicians slap an artificial squeeze on prices, a shortage results. A lower price means more people want that good while fewer people produce it.
With rent control, that means less housing. Many landlords will either sell their property or put it to a different use. Meanwhile, inadequate housing supply and pressure for rent-controlled units spill out into the uncontrolled market, where prices escalate.
Even rent-controlled units will ultimately face inflated pricing. After all, under most rent control regimes, landlords can still reset the rent at the start of a new lease. Thus, the pricing of rent-controlled units leaps in fits and starts over time. This lack of predictability only makes it harder for tenants to find housing they can afford, encourages landlords to set short lease terms, and wreaks havoc with the housing market.
Because rent-controlled prices are locked into a lease, people tend to stay put longer, which reduces mobility and makes it harder for folks to find new housing when they change jobs or move to a new area. Worse, the people who slip into comfy rent-controlled housing and stay put are often wealthier than the people toughing it out in the open market.
Another bleak outcome of rent control is shoddier housing quality. Landlords saddled with rent control tend to cut back on maintenance to offset the loss and forego improvements because rent control deflates competition.
In short, rent control means homes are shabbier, pricier and harder to find. Yet rent control advocates, rather than face these uncomfortable facts, often resort to blaming landlords or developers for engaging in the exact behavior that economists predicted.
In response to this self-inflicted crisis, cities often double down with more regulations that exacerbate inflation. Thus, when rent control increases the eviction rate because landlords can’t raise the rent until a tenant leaves, the rent controllers slap on eviction limits. When landlords bow out of the rental market, rent controllers slap on fees to replenish a diminishing housing stock. When prices soar, they pump more money into myriad affordable housing programs. Blaming landlords and developers for this predictable spiral is like blaming the sun for climate change.
Proven methods for addressing a housing crisis do exist. Take California, for example, where the legislature commissioned a study to figure out why the Golden State has become so unlivable. The Legislative Analyst’s Office concluded that a primary cause was overregulation of the housing industry and that the path out was to build more housing. Governor Gavin Newsom has seized this issue, threatening to strip transportation funding to California cities that fail to meet targets for housing construction. Meanwhile, Oregon elects to stumble in a haze of blinkered science denial.
Policymakers in Washington state take heed – of your two neighbors to the south struggling with housing affordability, California is looking for real solutions aimed at more housing, while Oregon chases the failed orthodoxy of regulation and restriction. Science makes it clear which path Washington should follow.
This week: The Portland Mercury asks whether Oregon lawmakers should be backing a bill allowing local jurisdictions to set their own rent control policies; a Seattle news outlet finds that affordable condos in King County are being rented out or used as second homes; and we're seeing new scrutiny of the Oregon Department of Transportation's handling of data related to the Rose Quarter Freeway Expansion.
Monday, March 25, 2019
This week: Seattle upzones 27 neighborhoods in an attempt to encourage housing development; Washington State legislators push forward bills to increase eviction times for nonpayment of rent, and the Portland city council is poised to hold public hearings next week on sweeping new regulations on renter screening and security deposits.
Tuesday, March 19, 2019
Monday, March 18, 2019
This week: Since 2010, Seattle has been the fastest growing city in the U.S. but new evidence suggests the boom may have passed; a new report finds rents in Portland are recovering from a decline that began last fall; a new report finds Portland is the 10th most expensive metro in the nation for buying a home
Friday, March 15, 2019
These items will be discussed in public hearings on Weds. April 3 at 2 pm AND Thursday, April 4 at Portland City Hall. City staffers have requested three hours per day for discussion and public testimony.
Please reach out to City Council (contact information below) with any questions or concerns regarding the policy proposals. Read and download the complete proposed draft here.
Below are some of the key takeaways:
- Applications must be processed on a first-come, first-served basis
- Landlords may only screen heads of household unless the household or a co-applicant has been issued a violation notice in the past year
- Landlords must specify an opening date and time when applications will be accepted for a specific unit, and cannot accept applications for that unit outside of the advertised period
- The open application period must be posted 72 hours before the start of the application period
- Landlords cannot require proof of income greater than twice the amount of rent
- Applicants cannot be denied for:
- conviction of a crime that is no longer illegal in Oregon
- convictions in the juvenile justice system
- conviction of misdemeanor offenses older than 3 years
- conviction of felony offenses older than 7 years
- rental history judgment that was entered three or more years earlier
- Landlords cannot deny tenants due to credit scores above 500 or a lack of credit history
- Landlords must consider supplemental evidence submitted by the applicant
- Applicants must be allowed 30 days from the date a denial is issued to request an appeal and present evidence
- If a landlord requires last month's rent to be paid as a condition of tenancy, the security deposit cannot be more than one half of a month's rent
- If a landlord does not require last month's rent to be paid as a condition of tenancy, the security deposit cannot be more than one month's rent
- "Ordinary Wear and Tear" is defined as deterioration that occurs without deliberate or negligent destruction, damage, or removal of any part of the premises, equipment, furnishings, or appliances by the Tenant, a member of the Tenant household, or other persons on the premises with the Tenant's consent
- In the event new carpet is needed, the landlord can only take into consideration the cost of the contiguous area where the carpet must be replaced due to damage
- Landlords can only charge for repainting if repairing specific damage made to a wall beyond ordinary wear and tear
- Movable property is presumed to depreciate at a rate of 3.6% per year over a period of 27 years
- Any damage for which a landlord intends to withhold a portion of a tenant's security deposit must be documented in writing and include proof of depreciated value, such as original receipts
- Landlords must place tenants' security deposits in a separate checking, savings, money market, or client trust account and provide the bank institution name and account number
- If the account bears interest, the landlord is required to pay it in full to the tenant, minus a 5% deduction for administrative costs
On its website
Wednesday, March 13, 2019
Tuesday, March 12, 2019
Seattle/Tacoma/Bellevue's metro area vacancy rate was listed at 5.0%, up from 3.4% one year earlier.
The nation's lowest rental vacancy rates:
- Akron, OH 1.3%
- Fresno, CA 1.6% [tie - 2nd]
- Worcester, MA 1.6% [tie - 2nd]
- New Haven-Milford, CT 2.4% [tie - 3rd]
- Portland-Vancouver-Hillsboro, OR-WA - 2.4% [tie - 3rd]
- Boston-Cambridge-Newton, MA-NH - 2.9% [tie - 4th]
- Tucson, AZ - 2.9% [tie - 4th]
- Rochester, NY - 3.6%
Average National Rental Vacancy Rate
The average national rental vacancy rate for Q4 2018 was 6.6 percent for multifamily dwellings of five or more units -- 0.3% lower than one year earlier, despite ongoing delivery of multifamily units throughout the national market.
Year-over-year vacancy rates in the Western U.S. decreased, from 5.8% to 5.1%.
|Click to Enlarge|
U.S. Homeownership Rate Increases
After falling to a 26-year low in 2016, homeownership rate increased to 54.8%. The current homeownership rate in the West increased from 60.0% to 60.9%.
|Click to Enlarge|
Monday, March 11, 2019
This week: The Brookings Institute says Oregon's rent control policy won't help affordability; Portland's newest city councilor reveals her priorities in a newspaper interview; and Tri-met is selling seven properties near MAX lines for transit-oriented development that includes housing, retail and office space. All that and more in the HFO Multifamily Marketwatch podcast.
Thursday, March 7, 2019
Wednesday, March 6, 2019
- Low wages and unstable incomes generated by labor markets
- In-demand cities failing to build enough housing to keep up with demand, particularly in neighborhoods with good public schools and access to jobs and transportation
Tuesday, March 5, 2019
Lunch Training - Wednesday, March 20thOn Wednesday, March 20th, Multifamily NW will offer a training seminar on SB 608 - Oregon's rent control legislation.
Webinar - Friday, March 22ndThe Oregon Association of Realtors offers a live webinar to answer questions on Oregon's new statewide rent control bill.
Click here to preview and download the order form.
Fill out the attached form and send to Multifamily NW by email or fax.
- Blank printed forms should be available by the end of this week or early next week.
- The forms can be mailed to you, or you can make an appointment to pick them up from Multifamily NW’s offices.
M001 OR Rental Agreement
Language was changed under “Tenancy” on page one to make the agreement a true “fixed term” so that an end of tenancy notice can be used during the first year of the occupancy. The space for the amount of the early termination fee was removed, and the early termination language was revised to tie into the new Section 4. Section 4 was changed to give the Owner/Agent the option of charging an early termination fee or “actual” damages. The election can be made when the resident leaves. The resident no longer has the right to leave by simply paying the early termination fee. Section 5 was changed to require the resident to give at least 30 days’ written notice of their intent to leave at the end of a fixed term that expires during the first year of the occupancy since the new law no longer requires such notice from the resident. Section 6 was changed to reflect the conversion of a fixed term to month-to-month under the new law.
M201 OR Single Family/Condo/Multiplex Rental Agreement
Language was changed under “Tenancy” on page one to make the agreement a true “fixed term” so that an end of tenancy notice can be used during the first year of the occupancy. Section 5 was changed to require the resident to give at least 30 days’ written notice of their intent to leave at the end of a fixed term that expires during the first year of the occupancy since the new law no longer requires such notice from the resident. Section 6 was changed to reflect the conversion of a fixed term to month-to-month under the new law.
M011 OR Notice of Rent/Monthly Charges Increase
Checkboxes were added for an Owner/Agent to claim the exemptions to the maximum rent increase of 7% plus CPI.
M019 OR End of Tenancy Notice - First Year of Occupancy Only (MTM or Non-Renewal of Lease)
This notice is now used only during the first year of the occupancy. The section for later terminations has been removed. PLEASE NOTE: The previous version of this notice will still be available as well. The previous version is to be used only when terminating a fixed term tenancy that existed on or before February 28, 2019, and the termination is occurring at the end of its term.
M049 OR 90-Day End of Tenancy Notice - First Year of Occupancy Only (MTM or Non-Renewal of Lease)
This notice is now used only during the first year of the occupancy and only in local jurisdictions that require more than 30 days’ notice (Portland and Milwaukie city limits). The section for later terminations has been removed. PLEASE NOTE: The previous version of this notice will still be available as well. The previous version is to be used only when terminating a fixed term tenancy that existed on or before February 28, 2019, and the termination is occurring at the end of its term.
M065 OR Renewal Offer/Rent Increase Notice
Checkboxes were added for an Owner/Agent to claim the exemptions to the maximum rent increase of 7% plus CPI. Also, the word “rent” was added after “parking” and “storage” to clarify that these are also “rent” for purposes of the 7% plus CPI ceiling.
M067 OR Fixed-Term Renewal Offer - At End of First Year of Occupancy Only (No MTM Option) This notice can now only be used for a fixed term that expires at the end of the first year of occupancy since rent cannot be increased during the first year of the tenancy. After the first year of the occupancy, if the Resident does not accept the offer of a new fixed term, the agreement automatically rolls to month-to-month, and Owner/Agent cannot refuse to renew a fixed term rental agreement without cause.
M083 OR Termination For Cause (90-Day Notice of Non-Renewal/Termination of Fixed-Term Tenancy for Repeated Violations of Rental Agreement) NEW FORM! - This is a new form that allows termination at the end of a fixed term if the Owner/Agent has issued three or more violation notices (can include 72 hour and “for cause” notices that the resident cured) in the 12 months preceding the end of the fixed term. WARNING: Each violation notice used to support this termination notice must: (a) be in writing; (b) served at the time of the violation; (c) specify the violation; and (d) contain the following language: “The conduct described above is a violation of your rental agreement. Owner/Agent may choose to terminate your tenancy at the end of the fixed term if there are three or more violations within a 12-month period preceding the end of the fixed term. Correcting the third or subsequent violations is not a defense to termination under ORS 90.427(7).”
M084 OR 90-Day Termination For Cause - Qualifying Owner Reason (For Terminations Issued After First Year of Occupancy)
NEW FORM! - This new form allows termination under a limited set of circumstances as identified in the notice. In most cases, Owner/Agent must pay the tenant one month's rent with the notice. The payment requirement does not apply if the Owner has an ownership interest in 4 or fewer dwelling units. There is a checkbox on the form to claim this exemption.
M085 OR Termination Without Stated Cause - Owner Occupied Property with Two or Fewer Dwellings (For Terminations Issued After First Year of Occupancy)
NEW FORM! - This form can only be used when the rental unit is in the same building or on the same premises as the Owner’s primary residence. It is used only after the first year of the occupancy. During the first year of the occupancy, use form M019 or M049 as applicable.
M015 OR 144-Hour Notice of Termination for Nonpayment of Rent
M016 OR-WA Notice of Parking Violation
M017 OR Notice of Noncompliance
M020 OR 72-Hour Notice of Termination for Nonpayment of Rent
M021 OR 24-Hour Notice of Termination
M023 OR Notice of For Cause Termination
M029 OR Notice of Termination for Nonpayment of Rent (HOME Program)
M031 OR Notice of Violation-Failure to Pay Money
M040 OR Notice of Violation
M041 OR Notice of Tampering with Alarm/Detector
M042 OR-WA Notification of Balance Due
M081 OR 10-Day Pet Violation-First Notice
These notices have a new "Warning Notice" section. The warning language was added so these notices can be used to support a 90-day termination using the new Termination For Cause (M083).
Monday, March 4, 2019
Oregon is now the first state with statewide rent control; the Portland City Council delayed its placard requirements for unreinforced masonry buildings and a new Census Bureau report finds that Seattle is the most educated big city in the country, with Portland not far behind.
Wednesday, February 27, 2019
In a discussion this past week prompted by a two-year extension of the city's declaration of a housing emergency, Eudaly Eudaly is looking to raise an additional $50 million each year for homeless services. She indicated that there were 16,000 vacant units in Portland.
Mayor Wheeler wants council officials to coordinate current searches for additional funding for homeless and affordable housing services in upcoming budget sessions. The money would be used for "tenant opportunities to purchase, universal eviction defense funds, and other anti-displacement strategies," according to news reports.
In the video clip below, beginning at approximately 1:09 into the session, Commissioner Eudaly states the following about landlords:
“I want to go back to the state of emergency. What we were calling for was a rent freeze. We were calling on the city to recognize that we were dealing with a man-made disaster and while we could not advance that particular cause I am somewhat gratified by the actions in the state legislature to place a cap on rents although I think it’s too high as I think everyone knows. We were also calling for the legislature to stop holding our regulatory tools hostage and give them back to us so municipalities could manage their unique challenges and that includes rent control as well as setting just cause standards for no-cause evictions.
"Commissioner Fish thank you for that walk down memory lane but I want to take us back more than thirty years when a group of powerful lobby interests in the landlord, real estate and homebuilding arenas pushed our legislature to ban rent control at a time when rents were relatively low and vacancy was high in Portland, setting the stage for what became open season on Oregon renters. Portland currently has the highest number of cost-burdened households among six or seven different cities it’s higher than Seattle, Austin, Salt Lake City, Nashville and Indianapolis. So it is particularly bad here and I believe it's because in no small part we have not been allowed to regulate.
"It seems that most of my job is making up for the failures of capitalism. It is very frustrating that we rarely get around to the conversation of actually fixing the system and most of our conversations are focused on policies that really serve as band-aids to a flawed and broken system. So I am also looking forward to some of those conversations. As a housing tenant advocate the most frequent response I’ve heard from people other than ‘if you can’t afford it just move’ was, ‘it’s economics 101 It’s all about supply and demand.’ Well, news flash. We have a supply. We have an estimated 16,000 vacant apartments in the City of Portland but we also have a gross product mismatch between the housing that was supplied and the demand that exists. So it’s not economics 101 friends it’s actually a lot more complicated than that and that is one of the many reasons that I really hope that we pursue the possibility of a vacancy tax.
"I can think of few other scenarios where we have people suffering on the streets and we have people hoarding a resource that is a basic need and a human right and we don’t see those people as… I want to choose my words very carefully right now… if you were sitting on a pile of food or medicine that people needed that was otherwise going to waste, you would be seen as a monster. If you were sitting on a pile of housing that people desperately need that is otherwise going to waste, it’s just business, and I don’t buy that. I think I’ll leave it at that.”
Expert: "Alarm Bells Ringing" in Portland City Government Over Pending Slowdown in Housing Construction
The editors of the Rental Housing Journal advised landlords to proceed with caution in light of the impending change to the law.
Tuesday, February 26, 2019
Monday, February 25, 2019
The City of Portland has extended its housing emergency another two years to 2021; Oregon Senate President Peter Courtney proposes a bill requiring cities to upzone land within a half mile of frequent transit stops, and Oregon Senate Bill 608 may head to the floor of the Oregon House for a vote as early as this week. Its passage would mark the nation's first statewide rent control bill.
Thursday, February 21, 2019
The Council will hold a vote on Wednesday, February 27th on whether to make changes to the existing ordinance recently passed by the City Council.
Wednesday, February 20, 2019
Portland Business Alliance Releases 2018 Value of Jobs Economic Check Up For Portland, East Multnomah County
Speaker John Tapogna, President of ECONorthwest highlighted five key takeaways at the event.
- Portland has grown significantly its college-educated population as compared to our peer regions of Seattle, Austin, Salt Lake City, Nashville and Indianapolis. From 2010-2017, Portland increased by 20% the number of those age 25+ with an associates degree or higher.
- Portland's wealth is more equitable relative to our peer cities, yet is still sorely lacking in wealth equality for Black/African American residents.
- Commute times is increasing all peer group regions with Portland ranking second with 42% of workers with commutes longer than 30 minutes, second only to Seattle, which has half of all workers driving or commuting longer than 30 minutes.
- Portland stands in the middle of the pack of our peer groups with respect to employment growth.
- Portland's cost-burdened households for both owner-occupied residents is the highest among the peer group cities. Portland is now less affordable than Seattle, Salt Lake, Austin, Nashville or Indianapolis.