A Nantucket zoning change proposal might slash the variety of short-term leases on the island by 95%, in line with a latest evaluation from the UMass Donahue Institute.
Next month, Nantucket residents at Town Meeting can be voting on Article 60, which might place restrictions on short-term leases in residential districts. The quantity of short-term leases on Airbnb and Vrbo have been spiking throughout the island in recent times.
The UMass Donahue Institute appeared on the rapid impacts of Article 60, and the variety of short-term leases that might be affected by new zoning situations. Of the two,293 short-term leases on Nantucket, it seems that solely 114 short-term leases could be eligible to hire — a 95% minimize in a single day.
“Our interpretation of Article 60 suggests that a lot of short-term rentals would have a hard time complying with the zoning change,” Rod Motamedi from the Institute instructed the Herald.
“That’s not to say that in a few years the owners couldn’t come into compliance,” he added. “But a large number would not be compliant immediately.”
The new zoning regulation would cut back the variety of short-term leases supplied on the island, and with it, the quantity of taxes to the city and customer income to the island’s companies, in line with the Institute.
Nantucket receives about $7 million a yr from short-term rental taxes. The city’s price range has averaged about $107 million in recent times.
Under the proposed zoning change, short-term leases could be allowed in residential areas on properties which might be proprietor occupied for not less than 6 months a yr.
Also, for non-owner occupied properties in residential districts, a short-term rental could be allowed if all dwellings on the property are primarily for long-term residential use — and if the short-term rental is registered with the city.
All different short-term leases in residential districts could be prohibited.
“… The primary effect of this regulation is to force owners of STRs to choose between renting their home to someone for most of the year, moving to Nantucket themselves, selling the home, renting under the table, or renting for 32 days to a group that shares time in the property over the course of a month,” the Institute wrote in its report.
The Institute was lately employed to conduct this examine by The Alliance to Protect Nantucket’s Economy, a number one opponent of Article 60.
“The result would be devastating to the tourism industry and Nantucket’s economy,” The Alliance wrote on its web site in regards to the proposed zoning change.
Nantucket resident Emmy Kilvert introduced ahead Article 60 as a citizen petition, and the article is backed by ACK-Now.
“Article 60 offers protection to homeowners and neighborhoods to maintain Nantucket’s traditional vacation rentals which are being replaced by unrestricted for-profit commercial interests,” the Homeowners for Article 60 wrote on its web site. “Homeowners who STR to offset expenses are competing against and being replaced by unrestricted for-profit commercial interests. This is not Nantucket’s tradition.”
Source: www.bostonherald.com”