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Here’s the $258.4 Million Housing Bond You’ll Be Voting on in November

Thursday, August 11, 2016

by Dirk VanderHart, portlandmercury.com

Hey, Portland: You know how this city is currently short about 24,000 affordable units? And how the rent here is shooting up as fast, or faster, than anywhere in the country—15 percent in the last year…

Meet the latest effort to improve matters. City Council next week will almost certainly vote to refer a $258.4 million bond measure to the November ballot. If approved, it’d allow the city to borrow that much from the bond market, and pay it back over time via your higher property taxes…

What you need to know:…

  • The money wouldn’t have to only pay for housing. Up to one-fifth of the space of any project funded by the bonds could pay for “child care facilities, groceries, pharmacies, community rooms, food service, neighborhood retail and leasing offices.”…

We Respond & Your Comments

Why are Portland homes so expensive? Because demand outstrips supply. Why’s supply so low? One big reason is you can’t build enough houses to meet demand without expanding the urban growth boundary. That’s because progressives’ urban density obsession trumps human needs.

So again government caused a problem they’re going to milk taxpayers to fix. In this case it’s a $258.4 million bond. But it’s for “affordable housing.” Right?

Wrong. Part of it’s for grocers, pharmacies and other stuff. This means campaign bucks for the geniuses who hatched this problem.

Because when grocers Kroger, Safeway and Publix compete for their chunk of this “housing” treasure trove they’ll do it with campaign contributions to the politicos running the boondoggle. Likewise for pharmacies and construction companies wanting to slop up at the “affordable housing” trough.

So here we go again – “public servants” cause a problem, pick our pockets to fix it and rake in moolah while they’re at it. What’s not to like – if you’re a “public servant,” that is?

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