Portland’s historically supply-constrained rental housing market has loosened up for only one reason: New supply has been built in quantity for the first time since the 1930s.
To economically justify new construction, market rents had to increase. That they increased as much as they have was an unequivocal sign that the city was woefully undersupplied.
Now we have two newly elected city councilors who think rents are too high and government should do something about it. I ask them to make sure they understand that Portland’s housing market is expensive because of more than 80 years of housing scarcity.
If government continues to encourage new housing development, the market will correct and rents will fall to more affordable levels.
Geoffrey Emanuel
Falmouth
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