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Portland so stupid, it's crazy liberal policies are destroying
it's downtown.
How would you like it if your pension was invested in this
building whose value dropped 80%?
Think of how much less property taxes it will now pay.
How many jobs lost in the empty storefronts?
from
https://www.dailymail.co.uk/real-estate/article-14731745/office-buildin g-sells-80-percent-value-homeless-portland-oregon.html
Once-booming city offloads office tower at 80% discount amid urban
decline as woke policies backfire
READ MORE: Beloved outdoor store shutters ALL locations in crime
ridden city By ALICE WRIGHT, US CONSUMER REPORTER
Published: 01:30 EDT, 21 May 2025 | Updated: 12:00 EDT, 21 May 2025
View comments
The West Coast city of Portland, Oregon, is being forced to slash the
sale price of one of its biggest office buildings after it became
overrun with homeless people.
Portland, known for its liberal politics, has seen its downtown suffer
after a failed attempt at drug decriminalization.
The city's office vacancy rate was 35 percent in the first three
months of the year, the worst of the top 25 central business districts
in the country, according to real estate firm Colliers.
Now one of the most telling signs of its downtown decline is the sale
of its U.S. Bancorp Tower at a list price of 80 percent less than its previous valuation, The Wall Street Journal reports.
The tower, known locally as Big Pink because of its rose tinted stone
and windows, is more than half empty.
The recent exit of a high profile client laid bare the desperate state
of the building and its surrounding area.
The technology publisher Digital Trends filed a lease-termination
lawsuit claiming its staff were unsafe as the building had been taken
over by the homeless population of downtown Portland.
The publisher claimed in its lawsuit that the building had 'vagrants sleeping in hallways of vacant office floors... starting fires in stairwells, smoking fentanyl and defecating in common areas.'
TView gallery
The troubled building is locally known as Big Pink because of its rose-colored tint
The building became a 'cesspool of criminal activity and vandalism,'
they alleged.
Digital Trends follows the exit of the building's namesake U.S.
Bancorp, which pulled most of its employees out last year after more
than a century in Portland.
The 42-story tower is up for sale for $70 million, 80 percent less
than its owners -Unico Properties of Seattle and a fund managed by UBS
- paid for it in 2015.
However, despite the steep discount, even distressed property
investors are avoiding Big Pink.
'I don't see a way to get it into the green in the next five to seven years,' one such investor, Jordan Menashe, told the Journal.
Big Pink has suffered more than other office buildings in the city as
it is located next to a public plaza that became an epicenter of drug
use and sales.
However, the building's decline is emblematic of the rest of
Portland's downtown which, like other cities such as San Francisco,
has descended into a doom loop since the pandemic.
Big firms cutting back on office space has hurt local businesses who
rely on workers' footfall. As they too pull back, the homeless
population has expanded, damaging the area's reputation and safety
further.
Downtown Portland has suffered with a growing homeless population in
recent years+
5
View gallery
Downtown Portland has suffered with a growing homeless population in
recent years
5
View gallery
Oregon became the first state in the country to decriminalize the
possession of all drugs including heroin and cocaine in 2020. Pictured
a man smoking crack in downtown Portland
Portland's new mayor Keith Wilson is considered to be more
pro-business+
Portland's new mayor Keith Wilson is considered to be more
pro-business
Read More
Millionaire realtor reveals why he thinks embattled Dem city is still
'most desirable place'
article image
Major businesses such as Unitus Community Credit Union and Wells Fargo
have both exited Portland in recent years, and others such as Adobe
have announced plans to leave.
The loss of property-tax collections from the declining value of its downtown offices is putting the rest of Portland's budget under
pressure.
Last year Oregon was forced to end the state's decriminalized drug
laws after overdose rates soared.
Portland's new mayor Keith Wilson is also considered to be more
pro-business and his district attorney, Nathan Vasquez, tougher on
crime.
Wilson has offered permits and support for a bridge into Big Pink from
a nearby parking garage that would allow workers to get into the
building without having to go into the dangerous surrounding streets.
'Right now we're largely focused on retention,' Raihana Ansary, deputy
chief of staff to Mayor Wilson, told the Journal.
Share or comment on this article: Once-booming city offloads office
tower at 80% discount amid urban decline as woke policies backfire
a425couple <a425couple@hotmail.com> wrote in news:FLREQ.344662$ctz9.128448@fx16.iad:-----------big snip ---->>
Portland so stupid, it's crazy liberal policies are destroying
it's downtown.
How would you like it if your pension was invested in this
building whose value dropped 80%?
Think of how much less property taxes it will now pay.
How many jobs lost in the empty storefronts?
from
https://www.dailymail.co.uk/real-estate/article-14731745/office-building-sells-80-percent-value-homeless-portland-oregon.html
Once-booming city offloads office tower at 80% discount amid urban
decline as woke policies backfire
If any of this BS were true, -----
On 10/6/25 11:28, Baxter wrote:
On 10/6/25 11:28, Baxter wrote:
a425couple <a425couple@hotmail.com> wrote in news:FLREQ.344662$ctz9.128448@fx16.iad:
https://www.dailymail.co.uk/real-estate/article-14731745/office-buildin g-sells-80-percent-value-homeless-portland-oregon.htmlPortland so stupid, it's crazy liberal policies are destroying
it's downtown.
How would you like it if your pension was invested in this
building whose value dropped 80%?
Think of how much less property taxes it will now pay.
How many jobs lost in the empty storefronts?
from
-----------big snip ---->>
Once-booming city offloads office tower at 80% discount amid urban
decline as woke policies backfire
If any of this BS were true, -----
Stupid Baxter and his silly games. He does not even try to learn,
or refute information. He has to work on ignoring, to stay ignorant.
He calls supported facts - "BS"