By Living Room Realty, January 19, 2019
I opened the operations of these three iconic mixed-use buildings in Portland. (Park Avenue West, Goat Blocks and YARD).
As a regional 
manager, I saw first hand how investment funds were prioritized. During these years, the multifamily apartment market was strong with low vacancy rates. This meant good income expectations, generous budgets for brand work, higher-end finishes, amenities, and a budget to actually care for our residents.
However, IZ zoning requirements have had a long term and adverse effect on housing affordability in PORTLAND. With a heads up that those new rules were coming, developers flooded the permit office to get their development projects approved. We now have a glut of housing and rents momentarily getting cheaper for folks. With that come budget cuts and thinner operations = fewer resources to do good work=customer service fails.
However, so few new housing projects have requested permitting that in 2-3 years when that new building supply is absorbed by new people moving here (which they still will), we will have a MAJOR housing availability and affordability issue. Prices will rise-Fast and for everyone in every part of the housing market.
Yes, especially for those that are trying to buy real estate. Rents will raise so much that a mortgage will look very competitive and thus, more buyer competition. If you are thinking about repositioning your financial situation and owning real estate, or more real estate, things will be getting much more difficult in the future.
Choose not to operate out of fear but rather by the empowerment of information. There are so many economic and cultural factors that play into this-I know, it’s complicated. Want to know more? Let’s talk! ???Staying immersed in economic trends and activity provides my clients with a broader perspective on real estate and the best information to help them make the right choices for their lives.
Always in the business of helping.
