HOMES ARE NOT HOTELS
WHAT ARE VACATION RENTALS?
Vacation rentals are homes that are bought for the sole purpose of renting them out as “short-term rentals” on sites like AirBnB. The owners do not live there.
Vacation rentals can be rented at a much higher nightly rate than long-term rentals, making them more profitable for investors. Absentee investors are buying up homes in the Hudson Valley and converting them into unregulated hotels, effectively turning our neighborhoods into playgrounds for tourists and contributing to our region’s housing shortage.
IMPACT ON THE HOUSING MARKET
Absentee investors are buying up homes in the the Hudson Valley so that they can make a quick profit off of vacation rentals, causing a housing shortage for renters and homebuyers that is leading to skyrocketing rents, home prices, and property taxes.
The University of Massachusetts-Boston Department of Economics; the The Social Science Research Network; and McGill University have all conducted studies proving that with each increase in Airbnb listings in a U.S. ZIP code, there are increases in rental and housing prices.
We’re aiming to pass laws locally to address the issues with vacation rentals. Our proposed legislation would:
By banning vacation rentals, we’re getting at the root of the issue. Renting out entire houses or apartments as vacation rentals significantly limits housing options for long-term residents.
Our proposed legislation would require short-term rental hosts to submit documentation under penalty of perjury that certifies that their short-term rental listing is their primary residence and that they will be present at the time of the rental. This ensures that short-term rentals are hosted by people who actually live in our community, not outside investors.
Municipalities will enforce the law by checking registered short-term rentals against data from vacation rental platforms. Hosts who list properties that are not their primary residence and platforms that facilitate transactions from unregistered listings will both be issued hefty fines.
SIGN THE PETITION
Add your name in support of short-term rental regulation and we’ll send a signed petition to your municipal representatives on your behalf.