Activists have pressured Portland’s City Council for months to get rid of its investment in heavy-equipment manufacturer Caterpillar, whose products are used in farming and construction projects all over the world.
Obviously, then, it would be unthinkable for the "ethical investors" at City Haul to now bring in Caterpillar machines to fix the problems and repair the streets.
The folks at City Haul also spend a lot of time fretting about the homeless problem and the lack of affordable housing. So let's take a look at how the Council's unanimous decision plays into those little issues:
City Treasurer Jennifer Cooperman told The (Portland) Oregonian the city has $539 million invested in businesses this year and that the switch to non-corporate investments will cost the city at least $4.5 million this year and more next year.
Mayor Ted Wheeler, the grown-up in the room, said the lost income from this bizarre plan is the equivalent of 400 units of affordable housing, but to no avail. In the end, he caved and made it a unanimous vote.
Making the tough decisions!