After a steady drum beat in the news media revealing that Oregon rental properties are actually costlier than buying a home, due largely to a lack of affordable housing being built, the real estate and construction lobbyists in Salem are starting to back down. They are beginning to admit that since housing is built primarily by the private sector then maybe the private sector should commit to a portion of their overall home construction work be devoted to affordable home construction. Even for the rental market.
If that happens, Oregon will join 48 other states in the country that have such provisions. Currently only Oregon and Texas do not have them. An effort during the last legislature to pass such legislation, HB 2564, passed the House by a wide margin. But it got bottled up in the Senate Rules Committee and wasn’t allowed to come out for a vote due to opposition from the real estate and construction industries.
But since the emergence of the clear and widespread crisis on affordable housing, there appears to be a good chance a bill similar to HB 2564 will actually get passed and prompt the building industry to produce homes and rental opportunities for those who are not among the top 10% of the population.
Here’s the story in the Oregonian. Click here.