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  #241  
Old Posted Mar 20, 2017, 7:49 PM
maccoinnich maccoinnich is offline
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Portland considers $9 million revenue bond for affordable housing



When the city of Portland legalized short-term rentals in 2014, the resulting tax revenue was directed toward an affordable housing investment fund. Now that the account has a $1 million balance — and Portland is desperately seeking solutions to its housing crisis — the city council wants to cash in.

At its March 15 council meeting, an ordinance was introduced to do just that.

“This is one example where short-term accommodations within the city are actually helping to pay some of the freight toward providing affordability,” Mayor Ted Wheeler said.

Wheeler was referring to a 2016 Portland Housing Bureau study, which found that short-term rentals did indeed exacerbate the housing crisis.
...continues at Oregon Business.
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  #242  
Old Posted May 2, 2017, 7:46 PM
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Portland's Nick Fish questions whether affordable housing projects go far enough



The Portland City Council on Wednesday granted 10-year property tax exemptions to seven new apartment buildings in exchange for developers agreeing to make one-fifth of the units affordable.

The council unanimously approved the developments, but Commissioner Nick Fish questioned whether they go far enough in serving Portlanders most in need of housing. Commissioner Chloe Eudaly was absent.

"I will support it even though it doesn't address our crushing need and it isn't the most efficient way to get there," Fish said.


Five of the seven will be luxury apartment complexes with studios renting for upwards of $1,400. Those properties are only required to make their subsidized units affordable to individuals or families who earn 80 percent or less of median family income. In 2016, that was $41,000 for one person or $47,000 for a couple or a single parent with one child.
...continues at the Oregonian.
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  #243  
Old Posted May 17, 2017, 4:00 PM
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Where is PDX's Inclusionary Housing?

Before the inclusionary zoning policy went into effect, developers ramped up permits submitted directly, saying they didn't think it would pencil out for them. However, the City has hope the slowdown is temporary.

http://pamplinmedia.com/but/239-news...ionary-housing
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  #244  
Old Posted May 18, 2017, 5:09 AM
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It's pretty simple. Market-rate rents have to rise enough to cover the added cost. Plus overcome any other cost fluctuation that happens in the mean time.

This should happen, eventually, because the lack of supply will cause lower vacancies.
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  #245  
Old Posted Jul 20, 2017, 6:05 AM
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Blowing Past a Deadline, Portland’s Housing Bond is Beset by Delays and Doubts
Mayor Ted Wheeler defends the process. But two former housing commissioners are frustrated.



Ted Wheeler entered the Portland mayor's office saying housing was his priority.

It sure doesn't look that way.

The mayor has blown past a deadline his own office set for starting to spend a $258 million bond approved by voters last November to build and rehab affordable housing units.

Funds have been available since July 1. But a growing number of critics are complaining Mayor Wheeler is taking too long to buy land and address the city's shortage of affordable housing.
...continues at the Willamette Week.
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  #246  
Old Posted Jul 25, 2017, 3:09 AM
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Portland developers try to ease homeless crisis that they helped create
Updated on July 24, 2017 at 10:33 AM Posted on July 23, 2017 at 7:00 AM
By Molly Harbarger mharbarger@oregonian.com
The Oregonian/OregonLive

http://www.oregonlive.com/portland/i...kes_bigge.html

Quote:
Developer Tom Cody lost all the ground-floor retail tenants of his building on the Northwest Park Blocks and he thinks he knows why.

Customers avoided the tents, tarps and backpacks that filled the leafy corridor north of Burnside. In turn, his tenants looked for shops without dozens of people sleeping or hanging out in front at all hours of the day.

It's not the first time Cody saw his business jeopardized by the city's 4,000-and-growing homeless population.

His firm has developed 33 projects, some up to $300 million – some in neighborhoods where tensions with the homeless population run high. He opposed a preliminary plan for a homeless shelter campus near another one of his Northwest Portland properties, a 300,000-square-foot creative office development.

But now he's part of a business-led movement to do more than complain to City Hall or file lawsuits. He and two other high-profile real estate families have donated empty buildings they own for use as temporary shelter space.

So far, Cody, Brad and Jonathan Malsin and Jordan Menashe have collectively hosted five shelters in their buildings – with possibly more planned. City and county officials are trying to harness the momentum to create a permanent network of business owners who can carry some of the burden of the city's homeless crisis.

Cody and the others readily acknowledge that they need to protect their investments and are getting pressure from city and county leaders to alleviate an affordable housing crisis created by the hot market that they have fanned.

"It's having a very adverse effect on us personally and the city, and that's why we're so committed to working with the Joint Office of Homeless Services," Cody said.

...(continues)...
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  #247  
Old Posted Jul 25, 2017, 6:15 AM
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I don't get why blame is always placed on developers when they add new housing stock when there is demand. Who else does this? People don't commonly build their own homes, and the state through HUD has long withdrawn from an active role of providing housing for lower incomes.

Planners adding on a slew of unnecessary requirements and fees to projects definitely make costs go up and slow down the delivery of new housing. The only thing you can really fault developers for is building new housing that skews toward the luxury market. Not everyone needs granite countertops and stainless steel appliances in a 450 sq ft unit that they're never going to cook in anyway.

Older properties in Portland have gone up in value too so it's not like a bunch of new apartments magically caused the homeless problem in Portland.
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  #248  
Old Posted Jul 25, 2017, 6:28 AM
maccoinnich maccoinnich is offline
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That headline makes no sense, and isn't supported by the text of the article at all.
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  #249  
Old Posted Aug 11, 2017, 7:29 PM
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Portland considers affordable housing tax breaks

The city of Portland is considering offering developers up to $50 million in tax breaks to include affordable housing in their multifamily properties.

The tax breaks are targeted at the flood of projects that were submitted to the city’s Bureau of Development Services ahead of the Feb. 1 effective date for inclusionary housing rules. Projects submitted before that date do not have to include affordably priced apartments.

This accumulation of projects submitted under the city’s old rules means it could be two to three years before Portland sees any meaningful affordable housing supply.

City officials estimate there are 19,000 housing units vested according to the old rules. If those projects had been submitted after the inclusionary housing deadline, they could theoretically yield 3,000 to 4,000 affordable units.
...continues at the DJC (temporarily unlocked).
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  #250  
Old Posted Aug 12, 2017, 1:24 AM
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Theoretically...many would be harder to pencil if they had the added expense. You'd get some "affordable" units but fewer overall units, meaning net higher pricing due to lower supply.

I'll say it again...there are lots of ways to produce low-income housing and mid-low-income housing that don't make everyone else's housing more expensive. A shared property tax(*), easing accessory units, upzoning more areas so land is cheaper, allowing true micros, and so on.

*But that would require asking voters to share the burden more directly!
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  #251  
Old Posted Aug 12, 2017, 3:09 AM
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Originally Posted by mhays View Post
Theoretically...many would be harder to pencil if they had the added expense. You'd get some "affordable" units but fewer overall units, meaning net higher pricing due to lower supply.

I'll say it again...there are lots of ways to produce low-income housing and mid-low-income housing that don't make everyone else's housing more expensive. A shared property tax(*), easing accessory units, upzoning more areas so land is cheaper, allowing true micros, and so on.

*But that would require asking voters to share the burden more directly!
Such as?

Portland's $258.4 million housing bond wins (election results)
http://www.oregonlive.com/politics/i...n_housing.html
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  #252  
Old Posted Aug 12, 2017, 4:14 AM
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Sure, my city does that too. But we could go way higher with that, and not disincentivize market-rate housing.
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