Short-term rental law has implications for all Lake Placid
To the editor:
To the citizens of the village of Lake Placid and the town of North Elba (and surrounding communities):
We represent Gold Medal Hospitality, a group of homeowners and taxpayers who wish to preserve the unique character and community of our Olympic village while protecting the availability of residential vacation rentals for families and visitors to Lake Placid. As many of you know, there has been a significant issue concerning how to regulate vacation rentals, or short-term rentals as they are often referred to nationally, throughout the community and by the joint boards of the village of Lake Placid and the town of North Elba. Many different ideas on how to preserve the integrity of Lake Placid and surrounding communities have been discussed, focusing on mostly negative aspects of such rentals in the community. Now there is a public hearing scheduled for Monday, Aug. 26 at 6 p.m. to consider a local law regarding vacation rentals in the village of Lake Placid and town of North Elba.
Your neighbors in Gold Medal Hospitality would like to encourage all those who have an interest in this matter to attend this public hearing. The new law is a positive advancement from the February 2019 proposed law, but we still have progress to make. The new law still imposes grave restrictions that negatively impact vacation rentals and as a result, the community as a whole. The negative impacts the new law could cause include:
¯ The potential loss of $32 million spent annually by our renters at Lake Placid’s shops, restaurants, gas stations, tourist attractions and more,
¯ The loss of hundreds of thousands of dollars in property and school taxes paid annually by our owners to the village, town, county and school system,
¯ Loss of the bed tax paid by these homeowners,
¯ The decline of a steady and thriving real estate market, especially for larger or older homes in need of renovation or those that would remain on the market or vacant and begin to become rundown, and
¯ The loss of hundreds of thousands in income to local contractors, housekeepers, and other employees who have been hired to renovate these homes or work there on a weekly basis.
These are just a few of the facts and the side of the story we will present at the public hearing on the 26th. We encourage more than homeowners who are concerned to attend. We encourage local business owners, contractors, shopkeepers, school officials and more to come to hear of the positive impact of the vacation rentals in the community. There is so much at stake, for now and future generations.
We know that working together we can find a reasonable approach to find sensible regulation that will work for all. We hope to keep Lake Placid the Gold Medal standard that it has been through generations of hosting guests, families and athletes.
Michael and Stacia Takach
Short-term vacation rental owners and owner/operators
Lake Placid Stagecoach Inn