I moved to the West End in 1975. I was 24 years old. I had two roommates in order to pay my rent. In 1979, I bought an apartment building. The bank rate was 9.5 percent. The water bill was $4 a month, property taxes $125 and insurance was $50 a month. I paid heat and hot water for the entire building. The tenants had to have a roommate in order to pay their rent.
Now, 38 years later, my tenants still have to have a roommate to pay their rent. My taxes are $600 a month, water and sewer are $245 a month, gas and hot water are $200, insurance $120, and the city has added two more taxes.
I’ve renovated, made yearly improvements and kept the property in good, safe condition while paying a mortgage and monthly expenses.
The system proposed by the Portland Fair Rent campaign won’t work if landlords can’t manage their own finances.
Bethany Angle
Cape Elizabeth
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