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Yahoo
2 days ago
- Business
- Yahoo
Maine lawmakers give mobile homeowners a leg up in park purchases
Jun. 12—Lawmakers on Wednesday passed a bill to give mobile home residents the "right of first refusal" when their parks go up for sale, but it won't go into effect quickly enough to benefit Friendly Village, a large park in Gorham awaiting a decision on its multi-million offer. The bill, LD 1145, was enacted in both the state Senate and House of Representatives this week and now awaits a signature from Gov. Janet Mills. It did not receive the two-thirds majority needed to pass it as an emergency, which means it would have gone into effect immediately after receiving the governor's stamp of approval. Instead, it will take effect 90 days after the Legislature adjourns. Mobile home parks in Maine and across the country are increasingly being purchased by out-of-state investors who raise the monthly lot rents, in some cases doubling or tripling prices, according to national data. Park residents own their homes but not the land they sit on and are essentially helpless against rent increases. They could sell their homes but would need somewhere else to go. Plus, it's harder to sell an older mobile home in a park with high lot rents. An estimated one-fifth of Maine's 468 licensed parks are now owned by out-of-state investors. Following the passage of a 2023 "opportunity to purchase law," several communities, including ones in Brunswick, Bangor and Monmouth, have formed cooperatives to purchase their parks. But more than twice as many have failed, even with offers above those of the competition. That law only requires the seller to negotiate "in good faith," not accept the offer. Many park owners aren't willing to gamble against a sure thing by accepting an offer from a cooperative that might struggle to get the financing together. The bill, proposed by Sen. Tim Nangle, D-Cumberland and supported by the governor's top housing advisor, requires that the seller choose the residents as long as their offer is at least at the same price and has "substantially equivalent terms and conditions." Massachusetts, Rhode Island and Connecticut all have right-of-first-refusal laws. The bill is intended to give park residents the "opportunity to have some self-determination," Nangle said previously. Nora Gosselin, director of resident acquisitions at the Cooperative Development Institute, said right of first refusal is the "gold standard" and that Maine's legislation draws on 40 years of similar laws, ironing out issues that other states have run into. The Cooperative Development Institute helps manufactured housing communities looking to purchase their parks and provides ongoing support after the sale. "I think there's a lot of heartache when you have a group of residents that has done all of this work organizing ... (to) get to that point, put their offer in and get rejected for the same or equivalent" amount of money, she said. "In right of first refusal states, we just don't see that." At Friendly Village, one of the latest parks in Maine to go up for sale, residents received notice in April that a Wyoming investment firm had put in an $87.5 million offer for their 300-lot park and seven others in different states. The firm, Crown Communities LLC, offered $22 million for Friendly Village, specifically. Under state law, the residents had 60 days to decide to attempt to purchase their park. The Friendly Village Cooperative said it submitted an offer above $22 million two weeks ago and is waiting to hear back. The sale, whether to the cooperative or to Crown, will likely be complete by the time the new legislation takes effect. But the residents aren't entirely without hope. A different bill, sponsored by Sen. Chip Curry, D-Belfast, could stop the sale of mobile home parks with more than 25 lots for three months after the Legislature adjourns. The moratorium has exceptions for sales between family members and for communities whose residents do not wish to purchase the park. The bill is proposed as an emergency and if it gets enough support, could halt the pending sale of Friendly Village for long enough for LD 1145 to take effect. The bill received initial approval by the Senate Thursday but by a narrower margin than the two-thirds required. Sen. Joe Baldacci, D-Bangor, called the bill "drastic." "Passing a statewide moratorium on the sale of all mobile home parks in order to satisfy one particular situation is, in my view, not appropriate public policy," he said. But Curry said the moratorium would delay, not prevent, sales, and that while it might help Friendly Village, there are other parks receiving similar notices. "We have legislation to better support residents to buy their own communities, we're just looking for this pause so that we can get those laws into effect," he said. The Legislature also passed a bill that could dis-incentivize future investor purchases. The bill will go to the governor for approval. Proposed by Sen. Cameron Reny, D-Bristol, LD 1016 will impose a $10,000 per-lot fee when an investor with a net worth over $50 million moves to purchase a park. That per-lot fee (which would amount to an additional $3 million for a park like Friendly Village) will go into a preservation fund to help resident groups compete. Resident cooperative and small businesses would be exempt from the fee. Gosselin, at the Cooperative Development Institute, said the legislation is, to her knowledge, "the first of its kind" and sends a message to large equity firms that if they intend to buy a park in Maine, they better be prepared to make a real investment in the state. "It's a pretty elegant way to bolster resident ownership," she said. Copy the Story Link
Yahoo
20-04-2025
- Business
- Yahoo
Residents of Gorham mobile home park could be the latest to buy their community
Apr. 20—GORHAM — It was standing room only Sunday afternoon in the Friendly Village mobile home park's small clubhouse. Roughly 100 residents packed into the warm room, with others standing just outside the door or joining remotely, a hum of nervous chatter filling the space. They were all there because of the notice — a letter from an attorney representing the Gallagher and Baldwin families, the longtime owners of the 302-lot Gorham park. "The owners have decided to sell their holdings in all states as a portfolio which includes Friendly Village manufactured housing community in which you reside," the attorney said in the flyer that appeared in each resident's mailbox. The New Hampshire-based families had entered into a four-state, eight-park, $87.5 million purchase and sale agreement with Wyoming investment firm Crown Communities LLC. Mark Tay, the attorney for the Baldwins and Gallaghers, declined to discuss the sale while there is a pending transaction. Crown Communities did not respond to an email seeking to discuss the offer. It's the latest purchase offer in what's becoming a familiar trend in Maine and across the country. Longtime mom-and-pop park owners decide it's time to sell the business and an out-of-state investor swoops in, often with a multi-million-dollar cash offer. The new owners raise the monthly lot rents and collect the profits, frequently without making necessary infrastructure improvements or improving services. Residents who own their homes but not the land beneath them are often stuck. "Mobile" is a misnomer. It's difficult and expensive to move their homes. They could sell, but where would they go? The parks are considered the last "naturally occurring" or unsubsidized affordable housing. It's estimated that more than one-fifth of Maine's 468 licensed parks are now owned by out-of-state investors. Friendly Village could join those ranks, but residents are mulling their options. In the last year, several communities have opted to form cooperatives to purchase their parks. A law passed in 2023 gives residents the "opportunity to purchase," meaning that if a park owner receives an offer, residents have 60 days to pull together a matching bid and the owner must negotiate in "good faith." So far, residents in Brunswick, Bangor and Monmouth have succeeded in buying their parks, but more than twice as many have failed, even with offers just above the competition. Sunday, residents met with the Cooperative Development Institute, an organization that assists manufactured housing communities looking to purchase their parks and provides ongoing support after the purchase. Nora Gosselin, director of resident acquisitions, told residents they weren't there to sign on the dotted line — it was simply an introductory meeting to see if they might be interested in trying to purchase. THE CLOCK IS TICKING The Friendly Village sale could be the first multi-state offer to test the law, but it's unclear whether the sellers would be willing to break up the portfolio. However, they could be forced to — both Massachusetts and Rhode Island, where four of the eight parks are located, have "right of first refusal" laws. The concept is similar to Maine's opportunity to purchase statute, but supporters say it has more teeth. If the residents want to buy the park and can match the competing offer, the seller has to comply. Maine legislators are considering a handful of mobile home-related bills, including one that would give residents the right of first refusal, as well as one to block hefty rent increases in parks where residents either decide not to buy or have their offers rejected. The clock for the Gorham Park started ticking April 3 and the price tag for just Friendly Village is $22 million. "The incoming buyers are not a family," Gosselin said. "... They're not in town, they don't need to go to the grocery store with you, they don't need to look you in the eye. They can just basically see this as something to make some money and to keep your park going before they sell it." But she cautioned residents not to base their decision on fear of the alternative. "You're all going through this together, and at the end of the day, only you can make this decision with each other," she said. Joe McHugh, 79, and his wife, Cathy McHugh, 74, moved to Friendly Village three years ago. Originally from Cape Elizabeth, the couple moved after a series of medical bills wiped out their finances. Until recently, they've felt the move was a great choice. But now the McHughs worry about their future. "I'm very leery of being priced out," McHugh said. "And where would we go? Being retired, we have our backs against the wall." "It's very scary," Cathy McHugh said of the impending sale. "We bought this place because it was affordable." At the meeting, Joe McHugh told residents that Friendly Village would become a "profit center" for the investment company. "You're not going to find anybody that gives a damn," he said. "So long as we can afford it ... I think we should be all in." 'NO QUESTION IN MY MIND' If the residents decide not to proceed or are unsuccessful, the park would be Crown's first in Maine. The company, which is rebranding as Ignite Communities, currently has 15 parks in its portfolio, with just one New England park in Cheshire, Massachusetts. Crown entered into a $3.8 million purchase and sale agreement with The Park at Pocasset, a Cape Cod manufactured housing community, in 2019. But since Massachusetts has right of first refusal, residents voted to buy the park. However, Crown challenged the community petition to buy, arguing that the co-op did not have valid signatures from the required 51% of the park's residents, kicking off a more than five-year legal battle. A judge ruled last week in favor of the residents and Crown has 30 days to appeal the decision. Dawn Beaulieu, 61, and Carol Cook, 58, who organized the meeting, canvassed the community, passing out fliers, urging residents to "organize and preserve your rights." They're worried about Crown's reputation — both because of the Cape Cod case and from stories about poor conditions and rent increases at other parks. Beaulieu has lived in Friendly Village for almost 30 years. Cook has been there for a more modest five years, but neither is looking to move. "I think if we let it go into the hands of this potential buyer, we could see massive rent increases to force us out of our homes," Beaulieu said. "That seems to be what we're hearing most from residents who talk to us. They're all worried about getting to a point where they just can't afford to live here anymore and they don't have anywhere to go." After the meeting, the pair was optimistic that the community would choose to move forward with purchasing the park. Beaulieu believes it's the right call. "There is no question in my mind," she said. RIGHT OF FIRST REFUSAL Gosselin, who is meeting with the Massachusetts and Rhode Island parks in the coming week, thinks Friendly Village has a reasonable shot. But it's never a sure thing. "It is a painful element of this law, with these really motivated, some might say aggressive, purchasers in the wings," she said. Gosselin noted that the difference between a right of first refusal and an opportunity to purchase may seem like splitting hairs, "but in this market right now, it's a world of a difference," she said. Maine could be on the cusp of adopting its own law. Proposed by Sen. Tim Nangle, D-Windham, the bill would give residents the "right of first refusal" to purchase their park when it goes up for sale. The bill is scheduled for a work session Tuesday and includes an emergency preamble, meaning it would go into effect immediately "so we can attempt to give Friendly Village the opportunity to have some self-determination," Nangle said. Nangle is "cautiously optimistic" that the bill will have the support it needs. With hundreds of mobile home parks across the state, there's one in most, if not all legislative districts, he said. "That's our job here, to protect Maine people," he said, and with several parks "in jeopardy," he believes that's what his legislation does. Nangle is familiar with the right of first refusal. His family owned a mobile home park in Massachusetts and sold it to residents in 2021. "The seller shouldn't care where the money is coming from," he said. "Who cares if they're getting $87 million from the residents or $87 million from an out-of-state developer?" Copy the Story Link
Associated Press
24-03-2025
- Business
- Associated Press
A Maine bill would sweeten the deal for corporate mobile home park owners who sell to cooperatives
When Celeste Yakawonis was younger, she thought she would spend the rest of her life in her riverfront home on six acres of land in Turner. But that was before Yakawonis's husband died, leaving her to live in the large farmhouse alone. 'Can you see how big that was, for me, one person rattling around?' she said, pointing to a framed photo of the home powdered with snow. 'I just couldn't take care of it.' Without her husband, Yakawonis said she felt overwhelmed and isolated. But she was advised not to make big decisions too soon after the loss. She kept the home for a year before deciding to sell it. When she started house hunting in 2023, she had trouble finding anything in her budget. Eventually, she chose an open-concept mobile home at Linnhaven Mobile Home Park in Brunswick. She purchased the home for $92,000, and paid $480 a month to rent the lot it sat on. From the outside, it looks like any other double-wide, with a grey paneled exterior and a front porch. Inside, she has made it her own: her daughter draped ferns, pinecones, cranberries and warm white Christmas lights over the sleek white cupboards. What changed her life more than the new home was the new community. In 2024, after the owner announced that he was intending to sell the property, residents began working with the Cooperative Development Institute to learn more about purchasing the park themselves and becoming a resident-owned community. They created a resident board of directors and pooled together funds to submit a $27 million offer. It was accepted, making them the new owners of the park. The co-op is now the largest of its kind in the state, with 278 homes. Twelve such resident-owned communities in the state have successfully purchased their manufactured home properties over the last fifteen years, from Arundel to Veazie, according to data provided by the Cooperative Development Institute, which has assisted with some of the deals. As Maine grapples with a housing affordability crisis, advocates say these cooperatives offer lower-income residents more stability. State lawmakers are discussing a bill that would encourage the creation of resident-owned communities by providing tax incentives to businesses that sell to cooperatives. The bill would provide a tax deduction of up to $750,000 on capital gains for owners who sell to cooperatives. The goal, according to bill sponsor Sen. Cameron Reny (D-Lincoln), is to preserve Maine's affordable housing units. 'Mobile homes and manufactured housing parks are some of the last truly affordable housing options in our state,' she said during a work session on the bill earlier this month. Maine's housing crunch The legislation fits into a broader effort to address the state's housing shortfalls, following a law passed in 2023 that required mobile home park owners to notify residents of their intent to sell and give them an opportunity to purchase the property. In mobile home parks, owners typically own their units but rent the land, making them susceptible to unexpected rent hikes and fees when new buyers come in. These communities are often home to seniors who live on fixed incomes and are particularly vulnerable to rent changes. Nationwide, investors have taken a keen interest in mobile home parks. In 2020 and 2021, private equity firms and other investors were behind nearly a quarter of all manufactured home purchases in the country, according to a report by the Private Equity Stakeholder Project and Manufactured Housing Action. In Maine, many mobile home parks are owned and operated by families — but as some are aging out of the business, they are choosing to sell. As of last year, out-of-state investors owned more than a fifth of Maine's mobile home parks, according to the Bangor Daily News. After such purchases take place, residents across the country have reported seeing their rents go up by as much as 60 percent, according to the Private Equity Stakeholder Project. They have also seen ballooning maintenance issues, unexpected fees and even water shutoffs. In 2021, Philips International bought Mountain View Estates Mobile Home Park in Bowdoin. By the spring of 2024, according to News Center Maine, the lot rent had increased four times, pushing residents' bills up by nearly $200 a month. Negotiating a deal While the 2023 law has made it easier for groups like the Blueberry Fields Cooperative to purchase their mobile home parks, sellers are still wary of selling to cooperatives, which are typically newly formed and often don't have the kind of longstanding reputation that an investor might, said Nora Gosselin with the Cooperative Development Institute. 'You have a group of residents who are forming a co-op who are stepping into the negotiating room with a large Wall Street company and a local family, and it's just — it's challenging,' Gosselin said. While sellers might still choose other buyers, the tax incentive in the proposed legislation could give residents a leg up without forcing them to pay more during the negotiation, she said. The Genesis Fund, a community lender, has funded every resident-owned manufactured community in the state, according to the group's executive director, Liza Fleming-Ives. She said they combine their resources with other lenders and provide a framework to groups interested in financing the projects. 'The demand for our role is huge right now,' she said. 'We are very aware — and very focused — on the need that we have in the state to build our new supply of affordable housing.' A 2023 report by the Maine Housing Authority found that the state needs to build approximately 84,000 new homes by 2030 to meet its expected population growth and account for historic underproduction. Manufactured homes are a key part of the solution to the housing crisis because they provide permanent, lower-cost options for residents in different income brackets through housing that's already readily available, said Erik Jorgensen, director of government relations at MaineHousing. The agency helped fund the Blueberry Fields Cooperative's purchase in Brunswick, along with the recent purchase of the Cedar Falls Mobile Home Park in Bangor, through the state's mobile home park preservation fund. 'What's different about a co-op is that future cost increases are in the hands of a board of residents and not dictated by investors,' Jorgensen said during the work session. 'The question really does become, how do you motivate sellers to choose the option with greater public purpose?' Yet not everyone supports the push to create more resident-owned communities. The CEO of the Manufactured Housing Institute, Lesli Gooch, said she feels that the incentives in the proposed legislation could have unintended consequences in the long run. She said there are real benefits that come from having an experienced property manager, rather than residents, run a mobile home park, noting that residents might not be as well positioned to support upgrades to water, electricity and waste management. 'Some people call (mobile home parks) a postage stamp plot of land that the house sits on. That's absolutely not true,' Gooch said. 'It does take someone who understands infrastructure to make sure that these communities are preserved over time.' To Yakawonis, who moved to the Brunswick mobile home park after her husband died, the advantages of the new resident ownership structure are clear: stable lot rent prices, leadership opportunities and a strong sense of community. As a board member, she's become involved in everything from park maintenance to updating the park rules, keeping residents informed and even a game night. The biggest change is a sense of stability — unlike in other mobile home parks. 'If their rent goes up, their rent goes up, and there's nothing they can do about it. It's just a horrible powerless feeling and we did not want that,' Yakawonis said. 'We wanted to be in control of our destiny.'
Yahoo
23-03-2025
- Business
- Yahoo
Maine mobile home owners are pushing back against private investors
Mar. 23—For four years, residents of Bowdoin's Mountain View Estates mobile home park have approached Aug. 1 with a mounting sense of dread. It's the day they find out how much they'll have to pay to rent the land their homes sit on and, for many residents already struggling to make ends meet, even a small increase can become a hardship. The 53-home park has withstood four years of consecutive rent hikes since it was purchased by a New York real estate firm in 2021. The first three weren't major, just $35 a month. But last year, the $75 jump was harder to swallow. As another Aug. 1 approaches, a growing unease has permeated the park. "These people are just hurting ... we're all scared," said Jerry Highfill, 79, who has lived in the park since 2001. "They're just increasing their income at the poor people's expense. There ain't nobody living in a mobile home park that's wealthy." Mobile home parks in Maine and across the county are increasingly being purchased by out-of-state investors that then raise the monthly lot rents, sometimes by as much as twice or even three times the price, according to national data. Homeowners like Highfill are left with few options. But several bills in the Legislature are working to get ahead of the problem and help communities purchase their parks before investors can. So far, two communities have successfully purchased their parks, and another is under contract. But more than twice as many have tried and failed. For communities that aren't able to buy, lawmakers and residents are trying to institute rent control to try to protect what many see as one of the last true forms of affordable housing. When Highfill first moved in, the monthly lot rate on his $27,000 mobile home was $265. Over the next 20 years, he saw his monthly rate increase by just $80. But in the four years since Philips International took over, his monthly rent has jumped $180, an increase of 52%. Philips International did not respond to questions about the rent increases. Highfill pays $525 a month, but new residents are paying closer to $700. "In reality, the last affordable housing in Maine that a young family or retirees can get into is going to become a memory," he said. 'TENANTS ARE ALMOST CAPTIVE' During the pandemic, when housing prices began to rise, capital equity firms that had long invested in strip malls or multiunit housing started eyeing mobile home parks. Since people own their homes and rent the lots, the parks made an attractive investment — as landlords, they're not on the hook if a refrigerator breaks. Around the country, investors began snapping up mobile home parks, increasing the rents and then sitting back and collecting profits. "Capital equity players started recognizing these types of investments as quite lucrative," said Pat Schwebler, co-director of the Cooperative Development Institute's New England Resident-Owned Community Program. The organization assists manufactured housing communities looking to purchase their parks and provides ongoing support after the purchase. In 2020 and 2021, institutional investors accounted for 23% of national manufactured home purchases, up from 13% between 2017 and 2019, according to a joint project between the nonprofit Private Equity Stakeholder Project and Manufactured Housing Action, an organization of homeowners. Meanwhile, "Maine became the best thing since sliced bread," Schwebler said. People and investors alike flocked to the state. Prices on any type of housing skyrocketed, causing some people to seek out mobile home parks and leaving many longtime residents with few options other than to stay put. "Mobile" home is a bit of a misnomer. Moving a manufactured home is complicated and expensive. If a homeowner could even find another park to take them, it would still cost at least $10,000 to move. "For most folks, that's not very doable ... it would take a lot for them to actually pick up their unit and move," she said. "The tenants are almost captive." Investors know this, she said, making their acquisition all the more enticing. There's a startling lack of statewide data surrounding mobile homes. According to the Maine Manufactured Housing Board, there are 468 active licensed parks in Maine, but it's unknown how many lots or residents there are, what the median lot rent is, or what share of the communities are owned by out-of-state corporations, though the Bangor Daily News estimates it could be as high as 20%. In 2019, the median home sale price in Maine was $225,000. Five years later, it was more than $390,000. Mobile home-specific sales data has been harder to come by. Manufactured homes are categorized as personal property, so park sales are not tracked by the Maine Association of Realtors. But prices have increased along with other types of housing. Manufactured home prices on Zillow vary, but most well-maintained homes are priced above $100,000. A new home in Kittery's Yankee Settlement park is listed for $389,000 with a monthly lot fee of $685. One 2005 double-wide in Saco's Blue Haven Mobile Home Park is listed for $241,000. The lot rent or "HOA fee" is $750. LAWMAKERS TAKE NOTICE "People living in mobile home communities are unique in the sense that they own their home, but not the land on which it sits, so it presents a really difficult dilemma when the land sells, oftentimes to a person who is intent on using it as an investment," said Erik Jorgensen, senior director of government for MaineHousing. So the question becomes, "how do we go in and dis-incentivize investor purchases and find different ways of preserving affordability for this population?" he said. That's a question state lawmakers have been trying to tackle. In 2023, the Legislature passed a law that requires park owners to give residents at least 60 days' notice if they plan to sell, giving the community members the chance to purchase it themselves. The park owner isn't required to accept the offer, but must negotiate "in good faith." Last year, the governor and Maine State Housing Authority created the Manufactured and Mobile Home Park Preservation and Assistance Program — a $5 million fund to help residents purchase their parks. But the money is dwindling. Gov. Janet Mills has earmarked an additional $3 million in the budget, and a bill proposed by Sen. Joe Baldacci, D-Penobscot, would infuse another $3.5 million. At least four other bills this session aim to further preserve one of the last vestiges of affordable housing. Sen. Cameron Reny, D-Bristol, has proposed two bills — one would create a tax exemption up to $750,000 to incentivize the sale or transfer of housing developments, housing parks or apartment complexes to resident-owned communities or cooperative affordable housing corporations. "This gives residents a leg up when they try to buy their homes, which is increasingly difficult these days," she said while presenting the bill, which on Wednesday unanimously passed the committee that oversees taxation. The second would attach a $50,000 per-lot fee to the purchase of a manufactured housing community on top of the purchase price, to be paid to MaineHousing. Resident-owned co-ops or affordable housing groups would be exempt from the fee. Schwebler, at the Cooperative Development Institute, said lot rents in community-owned parks are "extraordinarily low" and are often only raised to fund major park improvements. "Until the housing is secured as resident-owned, you have no guarantee it's going to be affordable," she said. Rep. Cheryl Golek, D-Harpswell, and Rep. Cassie Julia, D-Waterville, have both put forward bills to cap the allowed annual rent increases for mobile homeowners. None of these bills is the perfect solution, Jorgensen said, but together they provide "a box of tools that might be useful." WINS AND LOSSES In 2019, the residents of two communities in Camden and Arundel purchased their parks, bringing the number of resident-owned communities in Maine up to 10. But then things were silent for almost five years. Schwebler credits the 2023 law for the recent surge in energy around resident-owned communities. "Before, these residents didn't even stand a chance and now they do," she said. In October 2024, the Blueberry Fields Cooperative closed on the Linnhaven Mobile Home Park in Brunswick for $26.3 million. The 278-home community became the first to purchase its park under the new law. Last month, Cedar Falls Mobile Home Park in Bangor followed suit, closing on the 130-home park for $8 million. And in Monmouth, residents are under contract to purchase the 42-home West Village park for $1.8 million. They expect to close in May. All told, that's 450 units that will be preserved as affordable housing, Schwebler said. That number could increase to as many as 600 if the Brunswick and Bangor parks follow up on existing infill opportunities. Financing can be a challenge for the park, but assistance from the Cooperative Development Institute, as well as funding from MaineHousing, the Genesis Fund and sometimes the parks' municipalities, can help push efforts over the line. Jorgensen, at MaineHousing, noted that even with assistance, it's still a business deal. The park is real estate, and real estate is expensive. Rents will have to increase. "The goal is to make that as tolerable as possible," he said. In Brunswick, for example, residents were initially facing a nearly $275 increase, but additional funding from MaineHousing helped bring that down to $100, which will remain in place for three years. Jorgensen said that the success of the Blueberry Fields Cooperative was "catalytic" for many of the proposed bills. But so were some notable losses. While three parks have been successful, more than twice as many have failed. Schwebler said that since 2023, eight communities have tried to buy their parks but had their offers ultimately rejected. A year ago, two parks in Old Orchard Beach — Old Orchard Village and Atlantic Village — put forward a $40.5 million bid for their parks, which were owned by the same company. Ultimately, the owners, who feared the cooperative wouldn't be able to come up with the money, chose to go with Follett USA, a California real estate firm. Following their defeat, the residents instead lobbied to pass a rent control ordinance that capped annual rent increases at 5%. Old Orchard Beach voters approved the change in November. For communities that haven't been successful, or whose parks have already sold or are unlikely to be sold any time soon, rent control is the only hope for protection against constant increases. There's currently an effort to pass rent control in Standish, and one in Bowdoin was just struck down. Copy the Story Link
