When a new company purchased the Prescott apartment complex in Portland’s Overlook neighborhood in 2021, tenant Kelsey Schreiner expected to get a rent increase. “The previous owner didn’t increase it often, so I figured we’d maybe get a five percent rent hike—something like that,” said Schreiner, who lives in a two-bedroom apartment with her four-year-old daughter. Schreiner’s apartment is one of 31 units in Prescott that are designated “affordable” under a city of Portland program.