More luxury apartments

I went out early this morning to make photos in the fog (which I love), but this is what I found. 

Wealthy "developers" have bought up most of Portland and are demolishing the old and putting up hastily-constructed blocks of "luxury" apartments that rent for $2000-$4000 a month. We have a glut of this kind of housing already, but empty apartments give wealthy landowners tax write-offs, so they get richer even if half their apartments remain empty.

Meanwhile tent cities grow on the sidewalks, single mothers have to share crowded apartments with others, and young people move back into their parents' homes if their parents still have homes and will let them. 

"A full-time worker needs to earn an hourly wage of $24.90 on average to afford a modest, two-bedroom rental home in the U.S. This Housing Wage for a two-bedroom home is $17.65 higher than the federal minimum wage of $7.25, and $6.12 higher than the national average hourly wage of $18.78 earned by renters." https://reports.nlihc.org/oor/about

I'm glad the construction workers have jobs, but this does not bode well. We have some kind of law that developers have to provide a few "affordable" apartments in each building, but there is no enforcement, and the word "affordable" is not defined, so it's all just empty rhetoric.