Oregon lawmakers advance House Bill 2698 to increase homeownership rates

In a significant move aimed at addressing the growing housing crisis in Oregon, the state legislature has introduced House Bill 2698, which establishes a statewide goal for homeownership. Sponsored by Representative Ruiz and Senators Gorsek and Weber, the bill was introduced on February 19, 2025, and seeks to tackle the barriers many Oregonians face in achieving homeownership.

The bill recognizes that homeownership is a priority for the majority of Oregonians and emphasizes its role in fostering economic well-being through asset accumulation. It highlights the chronic underproduction of housing units, low inventory, and rising costs as key factors hindering access to homeownership, particularly among marginalized communities. The legislation aims to create an asset-based antipoverty strategy, acknowledging that disparities in homeownership rates contribute significantly to the racial wealth gap in the state.

One of the bill's key provisions mandates the Housing and Community Services Department to track progress toward the homeownership goal as part of the Oregon Housing Needs Analysis. This tracking is intended to provide transparency and accountability in addressing the state's housing challenges.

The introduction of House Bill 2698 has sparked notable discussions among lawmakers and community advocates. Supporters argue that increasing homeownership rates, especially among communities of color, is essential for reducing economic disparities and fostering greater social stability. Critics, however, raise concerns about the feasibility of achieving the proposed goals given the current housing market dynamics and the need for substantial public investment in homeownership programs.

The implications of this bill extend beyond mere statistics; they touch on the social fabric of Oregon. Homeownership is linked to increased civic engagement and improved health outcomes, making it a critical issue for community development. As the bill progresses through the legislative process, its potential to reshape the housing landscape in Oregon remains a focal point of debate.

In conclusion, House Bill 2698 represents a proactive approach to a pressing issue, aiming to create pathways to homeownership for all Oregonians. As the legislature moves forward, the outcomes of this bill could significantly influence the state's economic and social landscape, particularly for marginalized communities striving for equity in homeownership opportunities.