All that's going to happen is developers will bypass the market and existing units will crumble, or get reclassified as condos.
The homelessness is caused by NIMBYism from elites, subsidization from housing vouchers, and local/state zoning laws that prohibit where builders can build or what specifications they have to meet.
Such legislation ALWAYS causes a shortage. Landlords will 1031 to somewhere else that has higher returns. Investors will not create additional rental housing as uncertainty of dealing with both tenants and government is not a good investment.
Lololol. Liberal fools.
I take it Oregon has stopped all increases in property tax, right? Wait, they haven’t? Nope, didn’t think so.
Of course, then people leave the state to find a house, they’ll be invading red states. Hmm, that’s one way of changing the voter base.
And the buildings go into foreclosure because the owners can’t pay the bills as taxes increase on property and maintenance costs.
The state of Oregon apparently has more fools per capita than previously known. Ignorance of basic economics and the law of supply and demand is now the standard for being a liberal democrat. That, and opposing life in the womb.
As has already been said in this thread, this will not end well for anyone in Oregon.
“The homelessness is caused by NIMBYism from elites, subsidization from housing vouchers, and local/state zoning laws that prohibit where builders can build or what specifications they have to meet.”
Um, not exactly. You’re obviously not familiar with Oregon’s horrible land-use problems.
Homelessness on the left coast is a complex problem driven mostly by a combination of sanctuary BS and accommodating cities (Portland is but one example). High rents are another major contributing factor due to the cost of real estate (there’s not much profit in a rental in this state), in part caused by the high cost of development, but driven largely by the urban growth boundaries (UGB) which have artificially driven up prices.
The other major factor is the push for high density housing to squeeze more tax base in a city (Portland, now Eugene as well) with no more open land. This is accomplished by a combination of demolition of older houses with replacement by limited parking apartment buildings and splitting of large residential lots. On the latter they are building these ridiculous 15 foot wide “narrow” (skinny) houses with a garage making up most of the first floor. In short, 1,500 square feet, 2-bedroom homes on 1/16th-acre lots with market value of $220-250k. Add $100k for the “Living Smart” label (look it up).
ADUs (auxiliary dwelling units) are another creation to expand the tax base, permitting homeowners to take on tenants (and relatives) and later be sold as separate properties.
Another factor is the huge increase in home size over the last 50 years, now contributing to a lack of affordability in a city where an 800 sq foot remodeled older home can fetch nearly a half million on the market.
Calculate rent for that one based on mortgage payments and you see the problem.
Don’t get me started on the real estate market and other related factors (they all contribute).
Most people not from this region fail to understand that Washington & Oregon have been overrun by Californians. Seattle first adopts BS California policies, then Portland, then smaller cities.
Furthermore, the condominium process varies greatly by state. In Oregon, it’s controlled at the state level. In San Francisco, condo conversions are strictly-controlled. In Portland - at a minimum - the proffered benefit of condos creating more affordable homes has proven to be fantasy due to market conditions which, ironically, circle back to the UGB problem.
For example, in 2008 median home values had ballooned by 89% in merely 8 years while median income only grew 22%; the problem is rather obvious. The so-called “Living Smart Program” was an abysmal failure to provide affordable homes and now “tiny home communities” are being considered not for the homeless or those on public assistance, but for the working poor. New high-density apartment buildings have no accommodation for all tenants to own cars and have a parking place. Most people haven’t a clue how bad it is in Portland and it’s spreading to other cities.
Shit runs downhill; given that Oregon has a dem supermajority in the legislature and Portland runs the state, Portland emulates the disaster in Seattle and Salem just votes “yes.” I’m surprised that rent control came first to Oregon, but Oregon’s major cities (Portland, mostly) created this problem and common sense on anything whatsoever in this state is out the window.
IOW, IMHO you ain’t seen nothin’ yet.
Note: The link is a “skinny houses” reference. The “tiny homes” are much, much smaller.
https://ti.org/antiplanner/?p=1194