They're going to pay $1.3 million for a chunk of land that Hoyt Properties agreed to sell to the city after reneging on its original deal with the city.
Hoyt Street Properties failed to deliver the volume of affordable housing required as part of a development deal from the late 1990s.
City officials spent tens of millions for parks, transportation improvements and a streetcar line. In return, Hoyt Street pledged that 35 percent of housing units built on its 34 acres would be affordable to individuals and families of modest means.
Rather than hold these developers accountable for their failure, Portland's Fearful Leaders have decided to pay them $1.3 million to buy some land from the company so that "we" can build "affordable housing" on it; thereby absolving the company of its contractural obligation. Wouldn't it be nifty if you could take out a small loan, assure the lender that you'd pay $35 a month on it - and then deliver only $28 a month?