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| A Key Indicator of Real Estate Investors' Interest in Portland Shows a Precipitous Decline |
| 2021-02-02 |
| Communist bomb throwers, sexually confused screechers and government enablers have destroyed another desirable city's prospects. [Willamette Week via InstaPundit] An Oregon economist could not think of another example of "an area that has so quickly fallen into disfavor." At Jan. 5 budget meeting for the city's Bureau of Development Services, economists advising the bureau on the outlook for new construction presented dismal news: Portland has gone from one of the most desirable locations in the country just four years ago to near the bottom of an 80-city ranking. That ranking was compiled by the Urban Land Institute in a report titled "Emerging Trends in Real Estate 2021." It shows that a survey of more than 1,300 lenders, investors, developers and other national real estate experts found Portland the third-most desirable real estate market in the nation in 2017. For 2021, it now ranks 66th of 80 cities on the list (see graph below). In a Jan. 8 letter to the Portland City Council, eight local business organizations amplified that finding and the grim assessment of two economists who advise BDS. Tom Potiowsky, formerly the state economist and formerly chair of the economics department at Portland State University, said at a recent BDS meeting, according to the letter, that Portland was unique: He could not think of another example of "an area that has so quickly fallen into disfavor." A second economist, Mike Wilkerson, director of analytics at the consulting firm ECONorthwest, echoed Potiowsky, saying that investors' lack of confidence will stunt the city's rebound and predicted Portland "will have an impediment to growth until that's resolved." That plunge in confidence appears to stem from factors that include widely broadcast images of protests and nearby wildfires. It may be exacerbated by the documented flight of businesses from the city's core and factors such as the cost of property insurance rising 30% to 50% amid repeated vandalism. But it also fits into a debate over the future of the Bureau of Development Services. Business groups have implored the City Council to resist cutting the budget of BDS, which depends on new permit fees for its funding. The bureau is looking at a 17% budget cut next year, which would mean eliminating 60 of its 358 employees. Related: Portland: 2021-01-29 Democrats Vote To Reinstate Trump As President So Impeachment Trial Is Constitutional Portland: 2021-01-28 Democrats Vote To Reinstate Trump As President So Impeachment Trial Is Constitutional Portland: 2021-01-28 The Everyday Consequences Of Critical Race Theory And Cancel Culture |
| Posted by:Wholulet Thigum4957 |
| #7 Daughter is probably seriously upside-down on her mortgage. Glad she re-financed and I am not a co-signer anymore. |
| Posted by: Glenmore 2021-02-02 10:28 |
| #6 The plan is working. "Property is Theft" after all. |
| Posted by: Mercutio 2021-02-02 09:10 |
| #5 Must be because everybody's RACIST!!!! |
| Posted by: CrazyFool 2021-02-02 08:37 |
| #4 What is Uhaul reporting? In 2020, the rankings of states that had the most one way U-haul rentals... all the major blue states were at the bottom: 45. Oregon (29) 46. Maryland (45) 47. Massachusetts (47) 48. New Jersey (44) 49. Illinois (50) 50. California (49) |
| Posted by: DarthVader 2021-02-02 08:33 |
| #3 What is Uhaul reporting? |
| Posted by: Procopius2k 2021-02-02 08:05 |
| #2 They probably would have scored even lower if a few survey takers were not thinking about Portland Maine. :j |
| Posted by: Airandee 2021-02-02 06:32 |
| #1 Gee, ya don't say... |
| Posted by: Snung Omonter8572 2021-02-02 00:22 |