A flawed affordable housing system has resulted in 1,863 subsidized rental units standing unoccupied in Portland, while 16,000 homeless people in Multnomah County desperately need a roof over their heads.
Figures released by CoStar, a real estate analytics company, indicate that taxpayers continue to help finance the provision of affordable housing stock despite a vacancy rate of 7.4% of Portland’s 25,409 apartments.
Industry experts argue that the current allocation process for affordable homes is ineffective, citing factors such as administrative delays, a narrowing price gap between subsidized and market-rate units, and restrictive eligibility requirements as contributors to persistent vacancy rates among subsidized housing.
A Narrowing Rental Price Gap Drives the Increase in Vacant Homes
Apart from administrative red tape that delays occupancy, the narrowing of the price gap between market-related units and subsidized housing is the main driver of increased vacant stock…