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Palm Springs capped Airbnb rentals. Now some home prices are in free-fall

https://www.latimes.com/california/story/2024-01-23/palm-springs-capped-airbnb-rentals-now-some-home-prices-are-in-free-fall

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

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kreynen

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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.