02-12-2018, 10:04 AM
As others have mentioned:
TVRs are already regulated and highly taxed (GET + TAT + higher property taxes + state income tax). We have a TVR (and pay all the correct taxes on it) and, if this passes and we are not able to get the necessary permissions to continue, we won't rent it out long-term because we still want to be able to use it for vacations. It sounds like there are many other people who feel the same way so, what will happen:
The state and county will lose out on tax revenue, local people hired to manage and maintain these properties will lose work, east side shops, restaurants, and attractions/facilities will lose revenue because people won't have as many options to actually stay on the east side therefor fewer people will patronize them, houses will sit vacant for months out of the year, and it will do nothing to help any lack of affordable housing.
If folks are worried about the impact of vacation rentals on keeping "residential neighborhoods from being overrun with vacationers clogging streets with their vehicles and disrupting the quiet character of neighborhoods," they should also think about the opportunity that a bunch of vacant properties will provide for break-ins, squatters, etc. to take the vacationer's places.
TVRs are already regulated and highly taxed (GET + TAT + higher property taxes + state income tax). We have a TVR (and pay all the correct taxes on it) and, if this passes and we are not able to get the necessary permissions to continue, we won't rent it out long-term because we still want to be able to use it for vacations. It sounds like there are many other people who feel the same way so, what will happen:
The state and county will lose out on tax revenue, local people hired to manage and maintain these properties will lose work, east side shops, restaurants, and attractions/facilities will lose revenue because people won't have as many options to actually stay on the east side therefor fewer people will patronize them, houses will sit vacant for months out of the year, and it will do nothing to help any lack of affordable housing.
If folks are worried about the impact of vacation rentals on keeping "residential neighborhoods from being overrun with vacationers clogging streets with their vehicles and disrupting the quiet character of neighborhoods," they should also think about the opportunity that a bunch of vacant properties will provide for break-ins, squatters, etc. to take the vacationer's places.