Real Estate
There Are 5.6 Million Cheap Apartments in America. Not for Long
"If someone can’t afford it, they can move into something older or more vanilla and pay the lower rent. Usually the only option is to move out of the neighborhood."
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The Hidden Villa Apartments, a 61-unit complex in Beaverton, Ore., is the kind of property investors love and affordable-housing activists ignore.
Built in 1968, it was acquired recently by an out-of-town developer who plans to tear up the old carpeting and roll in some stainless steel appliances. The idea is to attract the wealthier workers flocking to knowledge industry jobs in the Portland, Ore., metropolitan area and charge higher rents.