Benchmark Real Estate owner explores Portland zoning issues in e-book
Photo / Courtesy Benchmark Real Estate
Tom Landry, owner of Benchmark Real Estate in Portland, released a short e-book on the topic of Portland’s land use code.
Tom Landry, owner of Benchmark Real Estate in Portland, released a short e-book called “Priced Out of Portland” on the topic of Portland’s land use code.
The book dives into the history of zoning in Portland, including what Landry says are potential causes of and solutions for the city’s housing shortage. Discussions include policies like the Green New Deal, rent control and inclusionary zoning.
In a separate newsletter, Landry said the project was informed by his nearly three decades of real estate experience in Portland, from his time as a college-age renter and buying his first multi-family to career today as a real estate agent and developer.
“I have seen and heard the struggles of first-time buyers hoping to find a semi-affordable home, worried parents whose children will have to move up to an hour outside of town, and sellers buoyed by the thought of cashing in on appreciation only to realize they have few options for their next home,” he wrote. “Having successfully worked with the city to permit several mid to large-scale housing projects, I can’t help but put on my process improvement hat (one of my previous careers) and look for improvements.”
According to Landry, some estimates say that as much as 90% of Portland’s landmass and 70% of the peninsula isn’t zoned for multifamily or mixed use.
“With this, and so many other barriers to building, we have more demand than supply,” he said.
Using data from the Maine Real Estate Information System, Landry said the median price of a single-family home has risen 136% in the last 10 years.
“At this rate median prices could hit $1.2 million by 2030,” he said.
An influx of residents coupled with barriers to building will continue to drive prices up, leaving many priced out, he continued.
“To solve this, we must look for ways to immediately and dramatically increase housing supply of all types,” he said.
Click here to learn more
Most Recent
Most Recent
0 Comments