![Slump in Luxury Apartment Starts Could Hurt Cheaper Digs, Too Willamette Week [11/19/25]](https://www.hfore.com/wp-content/uploads/2026/05/Depositphotos_10425436_S.jpg)
Slump in Luxury Apartment Starts Could Hurt Cheaper Digs, Too Willamette Week [11/19/25]
Anthony Effinger | Nov. 19, 2025. This article is part of our ongoing coverage of HFO in the News.
Willamette Week built its report on Portland’s apartment construction slump around city permit data compiled by Aaron Kirk Douglas, Director of Market Intelligence at HFO Investment Real Estate. Douglas’s figures show permit applications, permits issued, and completed units all sliding sharply, the backbone of a story arguing that fewer new luxury units could squeeze affordability further down the market through “filtering.” Even City Councilor Jamie Dunphy, a skeptic of that theory, called HFO’s chart “horrifying,” and the article notes that many others shared this reaction.
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Slump in Luxury Apartment Starts Could Hurt Cheaper Digs, Too 111925
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