Fishing and land development has always had a uneasy relationship in Maine, and the recent escalation of real estate prices has only deepened the divide. Accoring to a recent study by the Island Institute, of Maine’s 5,300 mile coast line, only 20 mile remain open to commercial fisherman.
Even more alarming is that more than half (55%) of those 20 miles are privately held properties that are extremely vulnerable to sale for non-fishing-related uses. Accoring to the complete report, Mapping the Working Waterfront, the fishing industry is critical to Maine’s economy, providing more than $750 million in state revenue each year, and supporting 35,000 jobs.
As reported in the Boston Globe, the fishing industry is being squeezed by development. Many fisherman do not own the docks they dependon for their income and business, and their hold on these properties has become precarious, as property owners look to cash-out.
In an attempt to address these divergent conerns, two years ago Maine voters approved a $2 million bond initiative that provides state matching funds to commercial fisherman to assist them in purchasing their own waterfront property from which to work. To date, six proposed projects have received $1.3 million in financing. For the complete Boston Globe article, visit Working Waterfront Property Values.
Posted by: Michael Sosnowski
Categories:
Maine Waterfront
Maine Real Estate