News and Commentary
A hotel in Portland, Oregon sold by one private company to another in December is receiving renewed controversy as the city’s Metro authority lays off workers. A majority of 80 million in public investment developing the hotel came from the Metro at 60 million dollars, yet the public will be receiving no proceeds of the sale. This event demonstrates that city authorities can risk getting fleeced by firms when it’s unclear how plausible a walkout is without subsidies. Hopefully other city leaders take note and will focus on deregulating land development instead of offering costly special favors.
A new report by the D.C. Policy Center dives into data on the rental market and identifies a considerable shortfall in affordable housing for resident incomes. It also finds rent-controlled areas do prevent low income renters from leaving but do not encourage any further mix of high or low-income renters.