Asheville rescinds $1.2 million affordable housing loan as developer makes Airbnb pivot - The Asheville Citizen Times
Summary
A developer in Asheville, NC, had an affordable housing loan rescinded after pivoting to short-term rentals. This highlights the potential for regulatory scrutiny and changing market dynamics in areas where affordable housing is a concern. Hosts should stay informed about local zoning regulations and the impact of STRs on community resources.
Key Insights
- •The developer pivoted to Airbnb, indicating a potential shift in property usage. This change led to the rescinding of a $1.2 million affordable housing loan.
Action Items
- ✓Research and understand the local zoning regulations and permit requirements for short-term rentals in your area, and monitor for changes. Contact the local planning and zoning department to clarify permit requirements for STRs.Effort: lowImpact: medium
Common Mistakes
- ⚠Failure to comply with local zoning regulations and permit requirements could result in fines, legal action, or the inability to operate as an STR.
More from Regulations & Compliance
Carson City, Nevada, is refining its short-term rental regulations. City supervisors are currently reviewing and modifying the local ordinance during a retreat. This review aims to address operational aspects, potentially impacting local hosts through new or revised rules, emphasizing compliance.
A 21-unit vacation rental in Dunedin, Florida, has been approved, signaling potential growth in the local short-term rental market. This approval could lead to increased accommodation options for tourists visiting the area. This news could also influence local regulations.
St. Louis aldermen have approved a short-term rental fee, though a legal battle over existing rules continues. This indicates a focus on regulating the STR market within the city. Hosts in St. Louis should be aware of these new fees, which may impact their profitability. Find out how this affects your STR business.
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