Comments by "Jack B" (@WindFireAllThatKindOfThing) on "VICE"
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I own my home in Portland, OR. Let me kind of give you a timeline of how the housing crisis we have here went down, chronologically.
2007: New construction on grossly overpriced, packed-in-shoulder-to-shoulder housing developments go through the proverbial roof, beginning of housing bubble here. House flipping runs amok.
2008: Those houses fail to sell, sitting empty because they were A. Overpriced to begin with, B. Wages have been flat for several years now
2009: Renters, often renting from the same companies that are building the houses that aren't selling for a fortune, see their rents start to creep at least 10% at first
2010: Housing bubble has completely burst, property values begin decline, houses still sit empty
2011: Rents skyrocket, coming close to 30% increased cost by now. Since no one is buying our overpriced homes, groups like GSL properties jack up the price of their rental apts to cover their loss on home construction. At this time, I bought a cheap house in a bad neighborhood at the bottom of the bubble because it was cheaper ($725 per month to own, versus $490 that became $750 in 5 years for my 1 bed Apt) than renting. I would not be the first to come to this realization
2012: OLDER home buying spikes. Bigtime. Home prices begin a massive rise that continues until 2018. Property flipping begins again. Rents do not decrease to compete with rising home ownership costs. Transplants from out of state begin to trickle into Portland for both tech jobs and the quirky culture. Small businesses increase, jobs increase, but wages stay flat
2013: Neighborhood homes & businesses who were in old buildings begin being bought up, priced out, and torn down to accomodate the flood of new Condos that are being put in their place, because the Portlandia Craze has begun. Homelessness stops being just junkies and mentally ill people, starts becoming working locals who literally can't afford the place they lived for a decade. Start seeing them on every on/off ramp panhandling.
2014: Houses continue to rise in price, rental price of apartments rises even faster. More condo/Apartment construction, more beloved local establishments built over the top of them
2015: Transplants are now flooding into Portland. Wages start to see some increases. Word gets around that Real Estate moguls are increasing their pull in City Hall
2016: Supply side Rental economics hits it's current peak, Portland has become a property gold rush, homeless locals in droves, high-income tech transplants are having a tough time affording rent too, people are buying homes that they definitely won't be able to pay off in their lifetime, City leadership green light even more construction on condos, bulldozing more local iconic spots to make room for them under the lie that it's "providing affordable housing", turns out to still be just more overpriced apartments stacked like filing drawers
2017: Rent for my old 1 bedroom, 500 foot apartment in the suburbs has hit $1180. When I first moved there in 2006, it was $490. My cheap, bad neighborhood house is still $725, but just about everyone else with a mortgage is paying closer to $1600+ for a Skinny Home, and oddly, even more for an old home that has lead paint, asbestos, or other problems
2018: Homeless crisis reaching boiling point, some are being attacked by neighborhood thugs with things like tripwires at throat height that nearly kill a passing bicyclist. Now on almost every major street intersection panhandling, not just the ramps. Squatting anywhere and everywhere they can. Police give up trying to just move them from Point A to No Idea Where all the time.
2019: Governor Brown's rent control measures not nearly as comprehensive as VICE is implying here, Real Estate Lobby are still running good portions of the state and ALL of Portland City Hall. Housing sales have slowed. No one can afford to move here. They still move here, but realize they can't afford it. Ecomony has slowed because no one has any cash, they have to spend it all on rent. Condo/Apartment construction continues, only now the taxpayers are helping pay for construction without any promise of a payback in exchange for untrustworthy promises that they'll be "affordable" for a few years by the property developers. Measure 102, which in their desperation, Oregon voters passed by nearly 60%. What constitutes "affordable" remains unclear to the taxpayer. Property Lobby buying massive internet airtime to fight rent control measures in local media, and putting flyers on doors trying to gain popular support. Literally just took one off my door knob 20 minutes ago.
Bubble set to burst again, but rent won't go down when it does
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