Yesterday the city voted 5-0 to
approve the Housing Adjustments Compliance Project, which brings Portland's zoning code into compliance with SB 1537. It allows adjustments (variances) in many cases where they weren't allowed before; and Portland has to approve a high percentage (90% ?) of them to stay in compliance with the state law.
An amendment that was approved 9-0 at the Planning Commission, and therefore incorporated into the package that city council passed, will give architects and developers the ability
to ask for adjustments to height in the Central City Plan District (Downtown, Pearl, Lloyd, Central Eastside, etc). Or, put another way, the 460' height limit in downtown will no longer be a hard cap that can't be exceeded.
Of course, the economics of development (and especially high rise development) aren't working in Portland right now. But it's possible that that could change before this package sunsets in 2032.
There's also a planned update to the Central City plan starting next year, which will likely look at the by-right allowances for height and FAR. The votes at the Planning Commission and City Council send a pretty clear message to the planners that there is support for revising the allowances that were first set in 1979.