Check out the story on Block 216 in Portland. A well known local developer sunk a lot of his own money into the development of an upscale hotel/residences. The

Check out the story on Block 216 in Portland. A well known local developer sunk a lot of his own money into the development of an upscale hotel/residences. The result? The new, finished development is valued at $415 million, however the loan debt is $510 million. And of course it isn't generating any tax revenue for the city, which has about $100 million budget deficit, recently announced cuts in services. San Francisco collected $522 million in real estate transfer property tax in 2022. This year will be less than half that. The inflationary rebound after the pandemic and lower than normal interest rates created an artificial market that otherwise may not have existed. https://www.oregonlive.com/business/2025/04/tower-anchored-by-portland-ritz-carlton-is-85m-underwater-on-construction-loan-lender-says.html https://www.oregonlive.com/business/2025/04/tower-anchored-b... https://www.oregonlive.com/business/2025/04/at-troubled-portland-high-rise-theres-no-money-to-repay-anyone-lender-lawyer-says.html https://www.oregonlive.com/business/2025/04/at-troubled-port... https://www.wweek.com/news/city/2025/05/02/portland-city-leaders-plan-20-cuts-to-internal-services-impact-on-general-fund-deficit-unclear/ https://www.wweek.com/news/city/2025/05/02/portland-city-lea...