So far, left-leaning, green Oregonians have trapped themselves and everyone else in these cramped, very expensive bubbles that many do not like and few can afford. Will these same people vote for the status quo on election day?
Working class priced out, kicked out in new Portland housing boom
The Oregonian/Oregonlive, Jeff Manning, Spetember 22, 2015
Five-story micro-apartment building with no parking, where a single house once stood.
Call them "a-pod-ments," or hipster hovels, there are now hundreds of these micro-units in Portland. They are part of a real estate gold rush that is transforming Portland and is propelling housing costs to levels never before seen.
Despite 22,000 new apartments coming on line in the metropolitan area since 2012, more than half in Portland proper, vacancies remain practically non-existent. That has freed apartment owners to charge eye-popping rents -- think $1,200 for a 400-square-foot studio, as much as double that for a one-bedroom.
The average rent in Portland has jumped 41 percent since 2010 to $1,242, according to Axiometrics, a Dallas real estate analysis firm.
Because of the strong in-migration, vacancies hover at just 3 percent, which gives landlords enormous leverage to raise rents. Portlanders suffered a 15 percent year-over-year average rent increase in the 12 months ended in August, the steepest increase in the country, according to Axiometrics.