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It's certainly possible. with the actuals only being 20k different in population or something close to that. However, both cities are focusing on housing in the city so I imagine them to stay neck and neck for decades to come
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Even if Portland were to pass Seattle in population, which is very likely given PDX has a lot more room for infill and cheaper land, it wouldn't mean much. Seattle has nearly twice the density, which is a far better judge of a city's size than population itself. Portland will always be smaller than Seattle.