I was discouraged by the skepticism described in the May 2 cover story, “Is Portland throwing away an opportunity (zone)?”

In an environment where even market-rate housing is difficult to build profitably, opportunity zones offer a critical tool for bridging the feasibility gap in order to create the housing Portland desperately needs.

It is important to clarify: an opportunity zone designation does not preempt local ordinances or circumvent the public processes that determine what is built in our city. The designation simply changes the potential source of the capital, not the rules of the build.

With the “opportunity zones 2.0” updates passed last year, new mandatory impact reporting means we can finally track exactly how many affordable units are created. Furthermore, with the state’s zone nomination window opening on July 1, we have a rare chance to attract this funding toward Bayside’s specific needs, including green spaces and mixed-income development.

A census tract designation is no automatic guarantee of investor interest, but it does lower the cost of capital. Lower financing costs are often the difference between a project sitting as a vacant lot for another decade or becoming a home for hundreds of Portland families. If we are lucky enough to have this tool available to Bayside, let’s make the most of it.

Paul Styslinger
Portland