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Consultant tells Portland committee inclusionary zoning is strained by higher land, construction and financing costs
Summary
A consultant presented preliminary findings showing Portland’s inclusionary zoning policy, adopted in 2015, faces feasibility limits under current market conditions; staff and councilors asked for clearer counts of units produced by IZ versus other subsidized projects and scheduled a follow-up meeting.
A consultant told Portland’s HEDC Committee that the city’s inclusionary zoning (IZ) requirement has become difficult to support under current market conditions and that external subsidy is now often required for developers to deliver affordable units. "For IZ to work, either market conditions have to absorb the net effective cost of compliance, or there has to be offsetting subsidy," said consultant Charles Buki.
Buki, a partner at the consulting firm working on the state-funded study, said preliminary analysis used two datasets: a database of roughly 185 projects tracked from site-plan approval toward certificates of occupancy and a 16-year market dataset including interest rates, materials and land transactions. He said Portland’s market is tight…
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