Yet the potential apartment boom may be slowed by land use regulations
From Multifamily News
Portland, too, has an urban growth boundary that has limited sprawl, points out Gail Neuburg, principal in the Portland office of Apartment Realty Advisors (ARA). “Oregon in general has very strict land-use planning,” she notes. “It’s very difficult to change the use of land, it’s very difficult to find apartment land, and there’s an urban growth boundary around every municipality that limits availability of land—and our fees have skyrocketed, making cost to build prohibitive.”
The Portland-Vancouver-Hillsboro metro area reported its unemployment rate at 8.6 percent in May. Intel recently announced its $4 billion to $6 million investment in a new plant in Hillsboro. This is expected to bring 6,000 construction jobs, as well as 800 permanent positions.
But where will the new workers live?