- The Oregon Catalyst - https://oregoncatalyst.com -

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

The Oregonian [1] ran a big story today on the sudden plummeting of condo sales in Portland called “Shadow Falls on Condo Market” [2]. 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 [3]. 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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