This is a great article that should be read by every local town in Maine wondering why developers aren’t lining up to build housing with everyone wanting to move here. I could see a part 2 of this article outlining how the deal economics might change if density is allowed to increase which is a tool local governments will have to play with if we are going to see housing built in an appreciable way (not reliant on state or federal subsidies). The reality is that I don’t see interest rates going down anytime soon and property taxes have a long way to go up to cover years of deferred maintenance. Insurance will only continue to skyrocket as well. So, the two things we can do are increase density and find ways to increase availability of labor supply. These are the two critical levers to pull now.
In contrast, just 30 minutes away from Bangor, Ellsworth is having a multi-unit application and construction boom. I understand it doesn't fit the narrative of this post, and perhaps you are more interested in describing the mechanics of interest rates, however this current and future multi-unit construction is significant and notable.
Ellsworth is a great story of positive development. Definitely lots of learning lessons for other cities and towns here in Maine and beyond. Thanks for making note of this.
This is a great article that should be read by every local town in Maine wondering why developers aren’t lining up to build housing with everyone wanting to move here. I could see a part 2 of this article outlining how the deal economics might change if density is allowed to increase which is a tool local governments will have to play with if we are going to see housing built in an appreciable way (not reliant on state or federal subsidies). The reality is that I don’t see interest rates going down anytime soon and property taxes have a long way to go up to cover years of deferred maintenance. Insurance will only continue to skyrocket as well. So, the two things we can do are increase density and find ways to increase availability of labor supply. These are the two critical levers to pull now.
In contrast, just 30 minutes away from Bangor, Ellsworth is having a multi-unit application and construction boom. I understand it doesn't fit the narrative of this post, and perhaps you are more interested in describing the mechanics of interest rates, however this current and future multi-unit construction is significant and notable.
Ellsworth is a great story of positive development. Definitely lots of learning lessons for other cities and towns here in Maine and beyond. Thanks for making note of this.