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  #281  
Old Posted Nov 5, 2018, 8:57 PM
maccoinnich maccoinnich is online now
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Adjusting to inclusionary housing rules



More than 18 months after inclusionary housing took effect in Portland, the first project to bring affordable housing to market under the policy may offer only a single affordable three-bedroom apartment.

Affordable units have been slow to come to market in Portland as for-profit developers navigate the inclusionary housing process. Not one has been built yet, according to stakeholders and city documents.

Developments that include 362 inclusionary units have received permits or are close to receiving permits, according to a Portland Housing Bureau report dated Sept. 26. Since inclusionary housing took effect Feb. 1, 2017, 8,578 units in buildings of 20 or more units have entered the city’s permitting pipeline.

Yet the permitting data offers an incomplete picture – it does not reflect how many projects actually get built. Developers may withdraw or delay construction for any number of reasons, and commonly do so.
...continues at the DJC (temporarily unlocked).
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  #282  
Old Posted Nov 6, 2018, 4:25 AM
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Originally Posted by maccoinnich View Post
...continues at the DJC (temporarily unlocked).
The FAR transfer to complete the Broadway Tower resulted in around 23 to 25 units of affordable housing (at 80% of Portland's MFI) in an adjacent project. Makes me wonder if offered a carrot to build higher with affordable housing components, it might yield more results than the current inclusionary policy.
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  #283  
Old Posted Feb 23, 2019, 6:35 PM
the urban politician the urban politician is offline
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Looks like Oregon is going to pass Statewide Rent Control.

Booooo!!!
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  #284  
Old Posted Feb 24, 2019, 12:50 AM
RED_PDXer RED_PDXer is offline
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Originally Posted by the urban politician View Post
Looks like Oregon is going to pass Statewide Rent Control.

Booooo!!!
If it's still at a 7% rent increase cap, that's hard to care about one way or the other.
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  #285  
Old Posted Feb 24, 2019, 7:28 AM
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Originally Posted by RED_PDXer View Post
If it's still at a 7% rent increase cap, that's hard to care about one way or the other.
Seriously.

Let's break that down, yearly. Say you're paying $1,500 rent...
A 7% increase on that = $105
So, when it's time to renew your lease, it becomes $1,605/mo.
A 7% increase on that = $112
Year 2, your lease renews at $1,717/mo.
A 7% increase on that = $120
Year 3, your lease renews at $1,837/mo.
A 7% increase on that = $128
Year 4, your lease renews at $1,966/mo.
A 7% increase on that = $137
Year 5, your lease renews at $2,103/mo.

Obviously, with those increases, it isn't likely anyone would stay very long, but if they stayed for a decade, they'd be paying 2,950 for that same $1500/mo apartment even though a decade of inflation would mean something that used to cost $1500 would now cost 1,760 ish.

San Portlancisco, here we come.
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  #286  
Old Posted Feb 24, 2019, 3:30 PM
redbeard redbeard is offline
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It is 7% plus inflation. With inflation around 2% that means rents can increase 9% a year
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  #287  
Old Posted Feb 24, 2019, 5:24 PM
pdxlexus pdxlexus is offline
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Can't speak for the rest of the state but in Multnomah County you'll generally see a 3% annual increase in assessed value which, baring any new tax levies, will translate into a 3% increase in property taxes.
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  #288  
Old Posted Feb 25, 2019, 1:42 AM
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Originally Posted by pdxlexus View Post
Can't speak for the rest of the state but in Multnomah County you'll generally see a 3% annual increase in assessed value which, baring any new tax levies, will translate into a 3% increase in property taxes.
You do need to factor in new tax levies, those usually result in the largest tax increases. Also, there is an IRS regulation that says if you charge below market rent for a unit the you could lose the tax deductions that come with it. That could become a new factor here.
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  #289  
Old Posted Feb 25, 2019, 9:45 PM
RED_PDXer RED_PDXer is offline
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Originally Posted by 2oh1 View Post
Seriously.

Let's break that down, yearly. Say you're paying $1,500 rent...
A 7% increase on that = $105
So, when it's time to renew your lease, it becomes $1,605/mo.
A 7% increase on that = $112
Year 2, your lease renews at $1,717/mo.
A 7% increase on that = $120
Year 3, your lease renews at $1,837/mo.
A 7% increase on that = $128
Year 4, your lease renews at $1,966/mo.
A 7% increase on that = $137
Year 5, your lease renews at $2,103/mo.

Obviously, with those increases, it isn't likely anyone would stay very long, but if they stayed for a decade, they'd be paying 2,950 for that same $1500/mo apartment even though a decade of inflation would mean something that used to cost $1500 would now cost 1,760 ish.

San Portlancisco, here we come.
That's not really the problem, is it? Once a place reaches market rent, the market doesn't support a 7% increase every year in sequence. Maybe that happens in places like SF where they don't build enough housing. The $1500 apartment from 3 years ago appears to still be about $1500 from what I've seen, as I have been looking for some time.

The problem this legislation is trying to address is gentrification of low-rent apartment buildings where rents are maybe $700 or $800 today (yes, they do exist) where the buildings lack new systems or upgraded finishes, for example. Seeing your rent go from $700 to $1100 would be catastrophic because there are very few options at those lower price points. Instead, going from $700 to $749 one year and $802 the following year would at least provide a little bit of stability while options are considered.
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  #290  
Old Posted Apr 18, 2019, 8:03 PM
maccoinnich maccoinnich is online now
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Inclusionary housing production lags goals



Portland has a long ways to go to meet the goals set for the city’s inclusionary housing program, which has been championed by Mayor Ted Wheeler and other commissioners.

The city has received permit applications for 66 projects that would bring 422 rent-restricted inclusionary housing units to market, according to a Housing Bureau report dated March 27. Of those, 349 units are from private developers and 73 units come from Housing Bureau projects.

That’s a far cry from the 23,000 units serving low- and moderate-income households the city says are needed.

Portland developers say inclusionary housing rules have made it more difficult, if not impossible, to raise capital for multifamily projects in the city, particularly from out-of-state institutional investors.

“Inclusionary housing pushes the return on costs below a level that is really acceptable to capital markets,” said Brian Wilson, a partner with Mainland NW. “It is very difficult to underwrite them even in the best of circumstances.”
...continues at the DJC (temporarily unlocked).
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  #291  
Old Posted Oct 20, 2021, 8:22 PM
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Portland Housing Bureau Announces Nine Projects for Metro Funding

The Portland Housing Bureau (PHB) has submitted nine affordable housing projects for approval to receive funding from Metro’s Regional Affordable Housing Bond. When awarded, these projects will join four others already in development, representing more than 1,200 units of affordable housing—or 83% of Portland’s housing goal under the Metro Bond.

“Thank you to the Portland Housing Bureau, Metro, and the voters who supported this vital investment in affordable housing,” said Housing Commissioner Dan Ryan. “Families, Communities of Color, and Portlanders exiting houselessness will all benefit from these new housing options supported by the Metro Bond—I can’t wait to see how each and every resident adds their unique life experience to build a healthier, more resilient community.”

In 2018, voters approved the Metro Affordable Housing Bond, dedicating $652.8 million to the development of 3,900 units of affordable housing throughout the Portland Metro region. The City of Portland was granted $211 million from those funds with the goal of creating 1,475 units of affordable housing, including 605 deeply affordable units at 30% of Area Median Income (AMI) and 737 family-sized units. Additionally, the City established a goal of creating 300 units of Permanent Supportive Housing (PSH) through Metro Housing Bond funds.

Earlier this year, the Portland Housing Bureau issued a request for proposals from developers and community partners. Seven developments were selected from the solicitation, which are being recommended to Metro to receive $88.6 million in capital funding from Metro Bonds. Altogether, these seven new projects will create a total of 687 new units of affordable housing, including:
  • 297 units that are deeply affordable for households who make 30% or less of the area median income (AMI);
  • 376 family-sized units; and
  • 122 new Supportive Housing units for chronically homeless individuals, couples, or families.



The Housing Bureau has also recommended two additional projects from its development pipeline to receive Metro funds, which will add another 38 deeply affordable units and another 25 Supportive Housing units for families and people experiencing homelessness.

“With additional funding from Metro’s Supportive Housing Services Measure, nearly 150 of our neighbors who face the steepest barriers to housing will have a real chance to find stability and safety, heal and move forward thanks to critical wraparound services,” said Multnomah County Chair Deborah Kafoury. “We know we can provide a lot of affordable and Supportive Housing just by paying down rents in market-rate apartments. But we also need developments like these to meet our affordable housing needs. I’m encouraged that these projects will soon become actual homes for individuals and families.

Portland will make another round of Metro Bond funds available in 2022, along with a parcel donated by the Kaiser Foundation Health Plan of the Northwest for new affordable housing adjacent to the Kaiser campus on N. Interstate Avenue. The location is in the Housing Bureau’s N/NE Neighborhood Housing Strategy area where a legacy of racist housing policies and harmful urban renewal practices resulted in the ongoing displacement of longtime residents. Site plans will likely include at least 30 affordable rental units that will prioritize applicants who were displaced, at risk of displacement, or descendants of families displaced from N/NE Portland through the N/NE Preference Policy.
...continues at the Portland Housing Bureau website, with details on the nine projects selected.
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