Spanberger unveils Virginia housing affordability plan
Summary
Virginia's Governor-elect plans to address housing affordability by empowering local governments to increase affordable housing options, including potentially giving localities a 'first look' at affordable properties. Hosts in Virginia should monitor local policy changes as these measures could impact the local STR landscape.
Key Insights
- •Localities will be required to identify concrete options for increasing affordable housing availability, which may lead to zoning changes, preservation strategies, or incentives that could affect the ability to operate STRs.
- •The Virginia Governor-elect's plan includes measures to give localities more power to increase affordable housing availability, potentially impacting property values and rental markets.
Action Items
- ✓Hosts in Virginia should monitor local government actions regarding zoning and housing policies, as these may impact the legality or feasibility of STR operations.Effort: lowImpact: medium
Common Mistakes
- ⚠Failing to comply with new local regulations related to housing density and affordable housing initiatives could result in legal challenges or limitations on STR operations.
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