Palm Springs curbed short-term rentals in some neighborhoods. Now homeowners are watching their property values drop, sometimes drastically.

Palm Springs curbed short-term rentals in some neighborhoods. Now homeowners are watching their property values drop, sometimes drastically.

  • kreynen@kbin.socialOP
    1·
    1 year ago

    Read without the paywall at https://archive.is/dTRiO

    The good news is that there are plenty of great deals to be found for those in the market, as long as you’re only looking to live there yourself. In the Gene Autry neighborhood, one listing warns potential buyers: “Property can not be short term rented as there is a STR permit cap in the neighborhood.”

    While the article explains how some investors will lose hundreds of thousands of dollars, the fact that these policies make homes more affordable for people who want to live in them is why more cities should implement caps.