While I like the idea of restoring structurally sound old buildings, this site is located smack dab in the midst of the zombie apocalypse. No kidding, I was near there two weeks ago and I thought I was on a dystopian movie set, between the fentanyl smokers and the mentally disturbed acting out in every direction I turned. Great idea to have affordable middle income housing, but who pray tell, is going to be brave enough to live there?
For what it's worth, everyone has his/her own experience. Certainly not debating or questioning yours. But I spent about 90 minutes in front of this building on Sunday afternoon, producing the then-and-now photo, and had not single "bad" interaction with anyone. I said hi to pedestrians and folks on bikes, and a few down-and-outers stopped to talk. As they say on social media, YMMV:) [your mileage may vary:)]
One can only wonder at the economics of the project and why the city of Portland is now a bank that funds--at ridiculous rates--projects that ought to be financed on the non-socialist market. One might guess that a rational banker might take a look at a renovation that pencils out at $300,000 per unit and wonder what kind of rents will be charged to produce a payback and profit.
As it is, the developer will get a sweetheart loan, guaranteed by the city. The writer doesn't bother exploring the details, but I'd bet there are "affordability" sweeteners as well, and more backdoor federal and local tax breaks.
This is socialism, pure and simple. There are no market forces at work here--replaced by opaque bureaucrats, and lots of back-room dealings. The developer gets a sweet deal--what's the payback for the city? And when will Prosper Portland offer to refinance and pay my mortgage?
While I like the idea of restoring structurally sound old buildings, this site is located smack dab in the midst of the zombie apocalypse. No kidding, I was near there two weeks ago and I thought I was on a dystopian movie set, between the fentanyl smokers and the mentally disturbed acting out in every direction I turned. Great idea to have affordable middle income housing, but who pray tell, is going to be brave enough to live there?
For what it's worth, everyone has his/her own experience. Certainly not debating or questioning yours. But I spent about 90 minutes in front of this building on Sunday afternoon, producing the then-and-now photo, and had not single "bad" interaction with anyone. I said hi to pedestrians and folks on bikes, and a few down-and-outers stopped to talk. As they say on social media, YMMV:) [your mileage may vary:)]
One can only wonder at the economics of the project and why the city of Portland is now a bank that funds--at ridiculous rates--projects that ought to be financed on the non-socialist market. One might guess that a rational banker might take a look at a renovation that pencils out at $300,000 per unit and wonder what kind of rents will be charged to produce a payback and profit.
As it is, the developer will get a sweetheart loan, guaranteed by the city. The writer doesn't bother exploring the details, but I'd bet there are "affordability" sweeteners as well, and more backdoor federal and local tax breaks.
This is socialism, pure and simple. There are no market forces at work here--replaced by opaque bureaucrats, and lots of back-room dealings. The developer gets a sweet deal--what's the payback for the city? And when will Prosper Portland offer to refinance and pay my mortgage?