PORTLAND, Ore. (AP) — Portland’s apartment-building binge appears to be ending.
The Oregonian/OregonLive reports that applications for new housing developments have slowed in the past year.
Contributing to that reversal is construction costs and land prices.
But Portland officials are worried the city’s zoning policy, which requires developers to set aside rent-restricted units in large apartment and condo projects, might be playing a role, too.
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Only 12 developments large enough to trigger the mandate have sought building permits since the policy took effect last year.
A more typical year in the recent housing boom has seen thousands of new apartments proposed.
Those projects would create 89 units geared toward households earning significantly less than the median income.
It’s difficult to say whether the affordable housing measure is to blame for the drop-off.
Information from: The Oregonian/OregonLive, http://www.oregonlive.com