Friday, April 01, 2005

City Gives Giant Developer a Free Ride

Trammell Crow - one of the biggest developers in the country is building a giant 22 story apartment building in the South Waterfront area near OHSU. The Oregonian had this feeble story about it:
The city is waiving property taxes on this megalith for 10 years. Since the cost of the building is huge, this means potentially tens of millions escaping the cities coffers in order to subsidize an already glutted rental market! It would be nice if the Oregonian's author questioned ANYTHING the developers spoon fed him but
Dylan Rivera: 503-221-8532;
didn't look into why this project got such a subsidy or really anything beyond a a press release. (Dylan - you should at least cite your source - a Trammell Crow brochure?)
The argument that this project will create lots of affordable housing makes no sense. The city could provide aide for five times that much housing by subsidizing rent on existing units (wandering around the Waterfront area, you will see "For RENT" on every other building.) We're all suckers.


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