There is no credit for building anything. CRE and ESPECIALLY condo's are tanking. There is no money for development and won't be for a good 5 years at minimum. That's why you have a waterfront that's incomplete and one of the largest condo managers in the city recently turned theirs into rentals out of financial desperation. Don't plan on the Fannie/Freddie law revision to make anything better. Overbuilding with underdemand and shaky credit loans are what started the problems. The "BUILD IT AND THEY WILL COME" days are over.

Sirs:

There's two other issues at work here. I agree with huh about the general situation, except -- (isn't there always one?) -- Oregon land planning laws work to create higher densities as we experienced the past five years or so with all of the in-fill housing construction.

Second, high gas prices are not going away. This, of course, creates a pressure for citizens to live closer to where they work, which again creates density close to the urban center.

This pressure, in line with the laws of thermodynamics, creates a counter-pressure pushing the poor out to the city limits into the suburbs. Twenty years ago, North-Northeast Portland were the poor neighborhoods. Now, the poorest neighborhoods are in the suburbs, for example, around 162nd Avenue.

This trend means that in another twenty years Beaverton and Gresham will have inherited the social problems that at one time were endemic in old inner city neighborhoods. At the same time, the central city will have the best schools, city services, etc.

This is not-necessarily progress nor will it be fair, but it is how things work.

I remain your humble servant,

Jacomus