Many are looking for more help in not getting evicted. A measure is headed to Multnomah County voters to address this issue. It pays lawyers to help tenants in need of representation. Measure 26-238 would introduce a 0.75% capital gains tax to fund lawyers for tenants facing eviction. It is controversial as some say it could decrease affordable places to stay. The measure will tax the region’s wealthiest and raise between $12 and $15 million a year to help renters.
Studies are showing that Black women in Oregon are twice as likely to face eviction. This is according to data compiled by Princeton University’s Eviction Lab that shows that renters of color are at greater risk of homelessness after an eviction. But, those on the other side of this debate says that the measure could unintentionally harm low-income residents.
Stark data coming from a recent report by the city of Portland found that in 2022, Portlanders identifying as Black, Native American, and Latino while making the average income for their demographic, would have been unable to afford the cost of a house anywhere in Portland.
Set to be voted on next week, Measure 26-238, is one of two tax measures Portland voters will see on the ballot. Voters will also vote on renewing the Portland Children’s Levy, a property tax that funds after-school classes, youth hunger prevention, and other youth programs. Voters will also elect a new Multnomah County Commissioner to represent Southeast Portland and fill several school board seats across the metro region.
Measure 26-238 taxes the capital gains of the wealthy. Profit made from the sale of a property, a business, stocks, bonds, and even works of art is taxed. That is where the capital gains tax come from. The tax largely impacts the region’s wealthiest. A study by Oregon Center for Public Policy found that in 2020, Oregon’s wealthiest 5% made nearly 85% of all capital gains income in the state.
Post pandemic, people were given help with rent. However, pandemic-era eviction protections were lifted last year. Only 3% had legal representation, according to data collected by Portland State University. Multnomah County landlords, meanwhile, were represented by lawyers 50% of the time during this same period.
Most local elected officials have condemned measure 26, citing concerns that additional taxes could steer business investments away from the Portland metro region. According to a recent report by Oregon Business and Industry, Portland has the nation’s second-highest combined state and local individual income tax rate, trailing New York City.
