Rent control & other restrictions on Nov. ballot
Do you own in Portland, Maine? Do you live in Portland? Then you need to know about Question 1 on the ballot this November 7th. Question 1 is a citizens' initiative that will (among other things):
-impose rent control (rents will be capped at their Nov. 1st, 2017 level and can only go up by in increase in property taxes and the Consumer Price Index),
-create a tenant dominated rent board (out of 7 members there will be at least 4 tenants and 1 landlord),
-almost double the unit registration fees (from $35/unit to $65/unit),
-significantly increase the time it takes evict tenants (upwards of an additional 90 days),
-allow a group of volunteer citizens to impose fines on property owners,
-effectively remove the term of a lease (the lease being over will no longer be reason to evict a tenant).
Per City rules, if this passes it cannot be changed for 5 years.
There is a lot more information about this referendum, how poorly it is written, and how dangerous it will be to both investors and renters (especially those who it is supposed to help!) here: http://www.saynotorentcontrol.com/ Please educate yourself, your tenants, and any voters in Portland about this issue. Question 1 will have a negative impact on investors, tenants, and property owners.