PORTLAND, MAINE RENT CONTROL REPORT

A new independent economic study finds that Portland’s rent control ordinance, while aimed at stabilizing rents, is driving significant unintended financial consequences for homeowners.

Commissioned by the Greater Portland Board of REALTORS® and prepared by Wallace Economic Advisers, the report reveals that rent restrictions have reduced the taxable value of Portland’s rental housing stock, shifting between $6.3 million and $10.6 million annually in property taxes onto other property owners.

"Our analysis shows that Portland’s rent control ordinance, while designed to improve affordability for tenants by capping rental income, has the unintended effect of limiting taxable values for multi-unit buildings. The result is a multi-million-dollar tax shift away from larger rental buildings and onto Portland’s single-family and condo owners. For the average homeowner, this means paying additional property taxes of $1,200 and $2,100 over the next five years on top of annual city budget increases (7% increase in 2026)." - Ryan Wallace, Principal at Wallace Economic Advisers, L.L.C.

READ THE FULL REPORT: Evaluating the Impact of Rent Control on Property Tax Burdens in Portland