Downtown Portland News

[AdamUrbanist]

I don’t see any evidence this block has near-term redevelopment potential regardless of the building valuation. My guess is this is more about minimizing carrying costs - avoiding maintenance, reducing taxes, and limiting liability and bad press (i.e. the Manashe's fentanyl market on 4th and Washington).

This is where land value taxes would make a difference.

I don’t doubt the Goodmans are invested in downtown revitalization, but they’re also responding to the incentives in front of them. We make it harder and more expensive than it needs to be to redevelop, and then on top of it the tax structure rewards holding land and, in some cases, tearing buildings down.

Pensylvania has a version of a land value tax and there's a lot of evidence it's reduced the number of demolitions in downtown areas.