The city of Portland set a target of building more than 2,557 new homes by 2027.
New data show that the city is on track to beat and exceed that goal by a significant amount, potentially 1,400 units.
The city approved 1,281 new units of housing last year, the most in well over a decade, according to a recent study drafted by Portland's planning and urban development and housing and economic development departments.
Nearly 45% have some kind of deed restriction for affordability, the highest annual share in 13 years.
"Those projects are getting a little bit larger," Greg Watson, Portland's director of housing and economic development. "They're having more subsidy into them, and they've become a much more noticeable part of the landscape."
About 550 units came online last year.
Most approved projects are eventually completed, with some exceptions. Plans to redevelop the historic Time and Temperature building downtown into apartments, for example, have fallen through.
Three projects subject to the city's updated inclusionary zoning rules, or so-called Green New Deal, have stalled.
Watson said all developers are struggling with the same challenges, particularly when rents are capped to accommodate certain income restrictions.
"Interest rates have more than doubled from a couple years ago, and cost of materials continue to escalate," he said. "There are labor shortages that are even, maybe more profound in the greater Portland regional area that drive up the cost of the labor side."
