Short Term Rentals

[Brownski]

I know a lot of the Lake Placid area peeps have had a lot to say on this topic in the past. I just saw this in the Tahoe thread on TGR. What do you folks think? Would this help?

https://www.townoftruckee.com/gover...vices/short-term-rental-program/str-helpline/

 

[Face4Me]

Lake Placid (the town of North Elba) has a short term rental law. I haven't really looked at it, because I don't rent my place out. From a quick look, there appear to be a lot of similarities to the above.

I think a lot of the objections to STRs is that they are driving the cost of real estate so high, that people who want to live and work in Lake Placid have been priced out of the market. Local business owners are having a really hard time finding employees, because there are fewer and fewer full-time residents who are here to live & work. (yes ... I know ... as a second home owner here ... I'm part of the problem)

I own a condo in the village and have owned it for 18 years now. A lot of the units in my development are used for STRs, but to be honest, I've never really had an issue with any renters. I guess the worst thing I've ever had to deal with is someone parking their car in my spot.

Here's a link to a PDF that owners are supposed to provide to renters:

http://www.northelba.org/files/Good-Neighbor-Flyer-FINAL.pdf

And this is a link to the complete law, and everything associated with it:

http://www.northelba.org/?page=government/code-enforcement/short-term-rental

 

[tirolski]

Ya know it’s serious when lawyers get involved.
One of em made this slide show.

https://nysfola.org/wp-content/uploads/J-Langey-Short-Term-Rentals-PDF.pdf

 

[DomB]

Lake Placid (the town of North Elba) has a short term rental law. I haven't really looked at it, because I don't rent my place out. From a quick look, there appear to be a lot of similarities to the above.

I think a lot of the objections to STRs is that they are driving the cost of real estate so high, that people who want to live and work in Lake Placid have been priced out of the market. Local business owners are having a really hard time finding employees, because there are fewer and fewer full-time residents who are here to live & work. (yes ... I know ... as a second home owner here ... I'm part of the problem)

I own a condo in the village and have owned it for 18 years now. A lot of the units in my development are used for STRs, but to be honest, I've never really had an issue with any renters. I guess the worst thing I've ever had to deal with is someone parking their car in my spot.

Here's a link to a PDF that owners are supposed to provide to renters:

http://www.northelba.org/files/Good-Neighbor-Flyer-FINAL.pdf

And this is a link to the complete law, and everything associated with it:

http://www.northelba.org/?page=government/code-enforcement/short-term-rental

The rules above look reasonable. But yes, STRs are a real economic issue. Add that to so many who can work remotely during Covid and I don't really see an easy fix that allows for local labor. I was in Stowe for two weeks over the summer (and asked my family again if they would move - got a no), and this was a topic of conversation with anyone you said hello to.

 

[Andy_ROC]

Lake Placid (the town of North Elba) has a short term rental law. I haven't really looked at it, because I don't rent my place out. From a quick look, there appear to be a lot of similarities to the above.

I think a lot of the objections to STRs is that they are driving the cost of real estate so high, that people who want to live and work in Lake Placid have been priced out of the market. Local business owners are having a really hard time finding employees, because there are fewer and fewer full-time residents who are here to live & work. (yes ... I know ... as a second home owner here ... I'm part of the problem)

I own a condo in the village and have owned it for 18 years now. A lot of the units in my development are used for STRs, but to be honest, I've never really had an issue with any renters. I guess the worst thing I've ever had to deal with is someone parking their car in my spot.

Here's a link to a PDF that owners are supposed to provide to renters:

http://www.northelba.org/files/Good-Neighbor-Flyer-FINAL.pdf

And this is a link to the complete law, and everything associated with it:

http://www.northelba.org/?page=government/code-enforcement/short-term-rental

My understanding is that it's really bad out west. People buy multimillion dollar homes with their pocket change and the homes mostly sit vacant or as rentals. The labor that's required to make society function can't afford to live there. Jackson Hole for example has programs to assist with home down payment for teachers, law enforcement, firefighters and other functions. They're also buying deed restrictions for property that will only be used by people working at least 30 hours per week in Teton County and below a specific income threshold.

 

[tirolski]

Found this list interesting.
It’s about unoccupied homes. Not nessearily short term rentals.
Some are in The Upstate.

Metros with the most unoccupied homes in America

Using data from the U.S. Census Bureau 2019 American Community Survey (the most recent data available), Stacker compiled a list of the 50 metro areas with the most unoccupied homes.

www.news-daily.com

 

[Ripitz]

Friends of mine operate a BnB in Keene. They had to jump through hoops to get approval. Septic inspections, grease trap, fire escape signs, smoke detectors, water tests for a full calendar year, on and on. They also have to reside there. The place had gone through a full renovation and they had to wait to have paying guests. While this was playing out the places to stay nearby went from 4 to almost 100. The owners of those places using Airbnb and VRBO were not subjected to the same regulations. Luckily they made it through and are doing well but it’s hardly a level playing field.

 

[Warp daddy]

Found this list interesting.
It’s about unoccupied homes. Not nessearily short term rentals.
Some are in The Upstate.

Metros with the most unoccupied homes in America

Using data from the U.S. Census Bureau 2019 American Community Survey (the most recent data available), Stacker compiled a list of the 50 metro areas with the most unoccupied homes.

www.news-daily.com

Watertown and frankly most of NNy is a hot mess for any number of reasons : high concentration of unemployed or under employed , over dependence on public employment resulting in too much off the tax rolls as a result over concentration of prisons and sexual offender facilities which were originally seen as economic development . So property tax rates are disproportionately HIGh compared to true market value.



BUT one major oversight , there was a a blind eye to the negative social costs associated with prisons , predaror facilities and frankly military installations

The Transitory nature of Fort Drum work force , increased crime , increased domestic violence , high meth and substance abuse you name it .....and now with low vax rates compared to metro areas this new infection rate also contributes to the problem.

Frankly politicians for decades here were NOt visionary and simply settled for the lowest common denominator by accepting these kinds of installations ( prisons, sexual predator facilities ) that NO other region wanted .....we have paid the price ever since.

Those of us who were fortunate to have public and or quasi public employment who moved here for decent employment combined with The River , 1000 Islands or proximity to the High Peaks and Ottawa , Montreal are very fortunate and are well off comparatively . Unfortunately many others especially locals who are place bound for any number of reasons struggle .

We too have outside $$$ that summer on the River and that is an enhancement but recently we have seen an influx of COVID relocators with means who are driving market price for waterfront into the stratosphere. Asthey fail to adapt to rural life and its incinvienience it is quite possible many of these properties will morph in STR 's

 

[NYSkiBlog]

Taking Stock of Housing: What we learned and where do we go next?

10 takeaways from a 6-month series on housing issues in the Adirondacks

www.adirondackexplorer.org

 

[Zykamps]

Taking Stock of Housing: What we learned and where do we go next?

10 takeaways from a 6-month series on housing issues in the Adirondacks

www.adirondackexplorer.org

Interesting read. While some is unique to the Adirondacks due to its special nature some applies elsewhere. Rates are up, prices are up, inventory is low, rents are up. Short term rentals take inventory off the market. Cash buyers can buy, rehab, rent. Happening around me. Current mortgage holders are often staying put. Why move from a 3% mortgage to 8% unless necessary.