IZ rules for for new constrution Multi family

[Jay Hinrichs]

read an interesting article in business journal while I was at title company waiting to sell a prop.

rush for permits in PDX last half of 2016 to beat the Inclusionary zoning rules.. IE 20 % or so of any new apartments built have to be for low income.

7000 permits were issued.  that's 7000 doors.

since that time q 1 170 doors.. LOL

the upshot is we may see and or are going to see a drastic slow down in new construction because of this.. so again PDX has caused the exact problem they were trying to cure.. there will be NO low income housing coming on line by private developers.

I suspect this will be a boon for those that already own and are not subject to the rules and yet again with no new units coming on line in a few years and growth still steady rents will rise yet again or stay very strong and this will NOT solve the high rent crisis that those in city hall are trying to fix.

it really seems to me to becoming full circle.

those of you who may have lived and worked in SF in the 60s and 70s probably are familiar with all the housing projects that were built in those years... Hunters Point  the one over by the cow palace, the one were OJ simpson grew up.. probably about 20 of them most in prime locations.. and all turned into mini ghettos.

they now for the most part have all been torn down and repositioned.

maybe if Portland wants to create housing for low income they simply need to do the same. the CITY needs to build it and provide it and run it.. why force it on private enterprise.. private enterprise just leaves the market..

I mean your building a brand new building at 400 a foot construction costs and so an apartment at 1000 foot cost 400k just to build.. ( that is todays costs) and your forced to rent it for 1200 bucks to a low income family.. and what about the market renters many will not want to be forced into living side by side with low income...Just saying its reality.

thoughts ?

@mikenuss