Hudson Valley Towns Consider Laws to Limit Airbnbs
Homeowners in the mid-Hudson region’s seven counties earned more than $50 million in income from about 300,000 guests in 2018, according to Airbnb, and in August Airbnb reported that more guests stayed in Airbnbs in the Catskills and Hudson Valley than in New York City.
Now, many Hudson Valley towns are exploring short-term rental limitations intended to curb runaway real estate prices and ease affordable housing concerns.
“The idea isn’t to prohibit, but to have a way to manage where [short-term rentals] end up,” said New Paltz Mayor Tim Rogers. “We want people to have the flexibility, we just don’t want investors to gobble up properties and have a concentration of mini-hotels in residential neighborhoods,” he added.
Another big concern is what happens if the economy goes soft?
“Some homes are being bought by people who don’t live here,” said Wheeler-Murray. “If things go south, are they just going to write them off and leave? Abandon the building they paid too much for?”
Read the full story here.