Portland’s Billion-Dollar Exodus: What Happened in Multnomah County?

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Amid the chaos of 2020-2021, Portland’s Multnomah County witnessed a financial debacle, with losses amounting to a staggering $1 billion. The prime culprits? High earners, who once contributed significantly to the county’s treasury, packed their bags and took flight. Their reason for this mass exodus was the perfect storm of riots, a global pandemic, a surge in homelessness, and rampant fentanyl abuse. According to a Cardinal analysis based on IRS data, the county saw a decline of 14,257 tax filers and their dependents. While some optimists claim these migrators are just on a remote work hiatus, many believe the allure of cleaner, safer, and economically more viable pastures will keep them away for good. As one of Oregon’s largest counties grapples with this reality, the broader question remains: What happens when the financial backbone of a community just… disappears?

#MultnomahExodus #HighEarnerFlight #FinancialBackboneBreaks

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