Portland, region hemorrhaging rental properties (Portland, OR gov destroys rental market.)

Pamplin Media Group ^ | 04/05/2022 | Jim Redden

[aimhigh]

From one of the comments: "The City is currently considering a New Law that would Tax property owners more to pay for Tenants Lawyers during EVICTIONS."

[SkyDancer]

Plus people leaving.

[Lizavetta]

Both reports said the declines followed the enactment of new rental regulations. They included a Portland requirement that landlords pay the relocation of tenants who say they cannot afford their rent increases.

UNBELIEVABLE.

[KarlInOhio]

3,987 rental houses were lost in Portland over that period, a 14% reduction. The new report also said 6,417 rental houses were lost in the larger region, an 11% reduction during the same period. . . . .

Lost? Did they misplace them? Move them to Seattle? Burn them down? Leave them abandoned? Or were they sold to people who wanted to reside in their newly purchased homes resulting in 3,987 newly owner occupied homes in Portland?

Generally, when a neighborhood goes from owner occupied to rented, it is on the way downhill like where I live. Not too many yet, but more than before. Thus owners moving in would upgrade a neighborhood.

[dsrtsage]

I wonder if any rich demonrats are buying cheap peasant free property at bargain basement rates to build the 21st century Elysium

[Night Hides Not]

Move them to Seattle?

Nah, they moved them to Beaverton...lol

[Secret Agent Man]

They win either way.

this allows rack and stacking of people

and furthers agenda 21

[cherry]

they should forget the ballot box...that is entirely controlled by the inner city rats...instead, form groups, storm city council meetings in an orderly fashion...overwhelm them....demand resignations...impeach....tie things up in court...

[mewzilla]

From 2020, this likely didn't help...

Portland changes zoning rules to allow duplexes, triplexes, fourplexes in areas previously reserved for single-family homes

[mewzilla]

White House: Oregon single-family zoning law could be model for nation The Biden administration asked House Speaker Tina Kotek to join a panel on solutions to a housing crisis

[SeeSharp]

Communists always think they can legislate economics. Interesting that the topic of insurance wasn’t raised in the article. I would have to imagine the cost of insurance must have jumped quite a bit after the riots and the unwillingness of the local government to protect property.

[T.B. Yoits]

Once the politicians in Portland Oregon inserted themselves into every rental agreement in the city by not letting landlords evict tenants during COVID-19⁸⁴, it was inevitable that landlords would walk away. Who would ever take that risk again?

[omega4412]

A new state law in California does the same thing.

Don't Oregonize California.

[VTenigma]

What did they think would happen when they imposed a 14 month rent moratorium? Did they think that would increase the supply of rental stock? If they did they are too dumb to breath our oxygen.

[Socon-Econ]

Why would anyone in a socialist regime ever want to be a landlord?

[cuban leaf]

If I owned a rental house there, I’d just burn it down, take the insurance money, sell the lot, and build somewhere else. Probably in Idaho.

[qwerty1234]

can’t fix stupid - enjoy the suck portland - you voted for it.

[qwerty1234]

>>Why would anyone in a socialist regime ever want to be a landlord?

I live in a blue state - not in a million years would I become a landlord for residential properties.

[Aria]

I considered renting my PDX home when I decided to move to Seqttle area but I heard enough horror stories that I sold my place and took the money and ran.

The people who are running Portland are insane.

[JimRed]

Lost? They weren’t lost- they were bought. Mortgage rates in the 3% range for reasonably qualified buyers made owning an option for lots of people who had been long-time renters. If you bought low long ago, you had a large equity buildup as prices escalated. If you bought at the top of the prior market cycle you had the chance to at least break even or take a little profit.

Add in the pro-tenant/anti-landlord regulations in some places and you have a selling incentive.