Who's to blame for Portland's soaring home prices?
Who would have guessed that highly limiting developable land resulting in a supply shortage would cause a price surge in the face of strong demand. Well, except for anyone with even a rudimentary understanding of first year economics.
The result is a boon for the Boomers who own homes, and a tragedy for the Millennials who would like to own a home. Even the rents are sky high, stressing Millennials.
Urban Growth Boundary: Boomers stealing from Millennials
"Portland has a lot to offer: Drive 90 minutes west, you're at the beach. Head the other way, and there's a snow-capped mountain. It's got a thriving food and wine scene, a burgeoning tech sector and the weather is temperate.
Those selling points are not lost on the rest of the country -- especially those from California.
Oregon was the most popular state to move to last year, according to moving company United Van Lines. And a quarter of those people came from The Golden State."
Perhaps the reason we Oregonians voted in the Urban Growth Boundary is we need to protect Oregon lands from development. Except only 3.5% of Oregon's land is developed!
This will, in the long run, have a negative consequence, no city can survive without families, and Portland is chasing away families in droves.