PDX condos fail. Worth $53 Million in tax breaks for rich?

The Oregonian ran a big story today on the sudden plummeting of condo sales in Portland called “Shadow Falls on Condo Market”. It quotes a bank official saying they cannot keep up with the cancellations.

We would like to remind our readers that the condo market was inflated in part to $53 million in tax subsidies and breaks to the most affluent in Oregon. You can catch the detials at John Karlock’s famous website SavePortland.com. Would you believe the photo at the right is of an $800,000 condo that (thanks to tax breaks) has to pay only $147 in property taxes? Such government intervention can artificially increase housing markets and create bubble busting drops more than is necessary.

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Posted by at 06:30 | Posted in Measure 37 | 8 Comments |Email This Post Email This Post |Print This Post Print This Post
  • Jerry

    The government has no business being in business of any kind. This only proves what most of us know already – the do-gooder wack jobs on the left don’t even know what they are doing whenever they try to intrude on the free market that is the backbone of this country.
    They should be ashamed, but they are not, because they are too stupid to even know when they screw up.
    What a sad bunch of pathetic losers.
    If they would only stay home and do whatever they do to themselves and leave the rest of us alone….too much to ask, I know, but enough is enough.

  • Richard

    Is John related to Jim?

  • CRAWDUDE

    I’ve been beating the tax abatement drum for a while ($25 million a year).

    Does anyone find it strange that the exact amount Sam Adams wants for road repair happens to be the exact amount not collected from his rich condo owner friends?

    Get rid of the tax abatement…..it’s for the kids!

  • Chris McMullen

    Anyone notice that there was not one mention in that article about the massive subsidies provided these condos?

    The O has such a blatant leftist agenda.

    I’m curious how the bonds will be paid back when the building go bank-o. We’ll see numerous Beaverton Rounds all over the Pearl.

  • John Fairplay

    It’s interesting that the Oregonian is in bed with Homer Williams and other downtown condo developers, but hates anyone who wants to build a house outside of Multnomah County. That they love these condo developments that hurt schools through tax abatements, but hate Measure 5. I wonder how its possible for a human being to live with such blatant internal logical contradictions?

    • Brian the sniper

      Evolution, my friend. We have evolved the ability to believe whatever we want irrespective to the truth. I can believe George Bush is lying or telling the truth with out even reading the b.s. headlines.

      Case in point, evolution itself.

      The unfortunate thing is my once conservative grandparents that encountered a corrupt republican in AK (shocking) have been swayed left by the honest reporting of the O.

      Seattle’s worse.

  • Chief Wahoo

    I wonder if any of you are familir with the plan over here in America’s The ‘Couv to cash in on their Portland Envy, and underwrite the development of 3,000 condos at the former Boise Cascade papermill site?

    Right now, Gramor Development is trying to find a way to fill a $45 Million hole in their plan, just to gain access to the site. The City of Vancouver is offering to cough up aobut $12 Million toward that effort, as well as agreeing to award Gramor ten-year tax exemptions for every lucky owner who buys one of those Condos.

    Let’s ignore the fact that the Port of Vancouver is going to more than double the number of railroad cars that rumble past all those condos day and night…

    Let’s also ignore for a moment the close proximity to not only I-5, but the departure pattern at PDX as well…(you should hear an F-15 doing a combat scramble out of PDX, in full afterburner, from the Boise site…now imagine how much louder it will be reflecting off the front of a building…).

    Just focus on the merit of attempting to build that many Condos in The ‘Couv, with the market tanking in Portland. If this was such a good idea, and a hot commodity that will sell like hotcakes, why does it take so much money from the City of Vancouver to make it happen??

    The bottom line is that Portland isn’t alone…Vancouver is hell-bent to follow you down that same path…

  • Dan

    With our politicians talking with Vancouver about joining Metro, the writing is on the wall. You’ll be getting light rail and massive debt to subsidize and force development next to it.

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