On Election Day voters in Portland passed a $258 million housing bond, Measure 26-179, that will raise property taxes to fund 1,300 units of affordable housing. Oregon Public Broadcasting staffer Kieran Hanrahan takes a look at a bond issue that received joint support from both housing activist groups and business groups.
The measure has been criticized for the amount of housing that is being delivered per dollar. Measure 26-179 will fund its 1,300 units at a cost of $200,000 per unit while a recent tax measure in Denver has the city expecting to pay $25,000 per unit for 6,000 affordable housing units:
Proponents of Measure 26-179 said that was an unfair comparison, arguing that Denver’s plan involved subsidizing the private development of affordable housing, rather than taking on development and ownership publicly, as was proposed in Portland. Oregon state law requires property purchased with the use of bond money be wholly owned by the public.