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STR law could impact property values

To the editor:

The village of Lake Placid has spent countless hours this year working to increase regulations on short-term rentals. From the beginning, homeowners like me have been alarmed about the unintended consequences — and specifically a drop in property values. While many of us have spoken up at meetings and written letters, it seems to have fallen on deaf ears.

Recently the town and village held a public meeting for comment. Someone in the neighborhood of Deerwood Hills got wind of it, and realized that the board’s idea of helping them was to rezone their rural area to town residential. Residents said they hadn’t been paying close enough attention, and were stunned to learn what our local government was planning. Luckily, it appears this group has been successful in voicing their concerns and getting the portion of the draft law changed that affects Deerwood Hills.

My fear is that too many other residents who live in the village haven’t yet focused on this new law because they don’t think STR regulations affect them. Or maybe, they see how enforcement has failed in the village, and they want something, anything to be done to stop an egregious party house.

The way to stop a party house is to simply enforce the existing STR rules on the number of occupants, number of cars allowed, quiet hours and no parties. Period. The board seems genuinely aware of the lack of prior enforcement, and is making meaningful changes to be able to allocate resources to track violations, levy serious fines and yank permits of repeat offenders. Enforcement is what’s needed on all sides. Those of us following the rules want enforcement to deal with the bad actors.

However, the board is going too far by banning unhosted STRs in residential neighborhoods and maintaining an unnecessarily restrictive limit of 90 days of STR renting.

Whether or not you operate a short-term rental, everyone’s home values will drop for properties inside village residential compared to outside village residential. Let that sink in.

Our property rights inside this residential zone are being curtailed by the village restricting what we can and cannot do with our house. And when you go to sell your house, or your children sell, the potential buyers who might need part-time STR income to afford the property won’t be considering homes inside village residential. Your property value will be disadvantaged because a future buyer won’t be able to even apply for an STR permit in the neighborhood.

The board is playing loose and fast with zoning rules, and it’s going to backfire. They don’t even grasp the full ramifications, as evidenced by what happened with Deerwood Hills.

The board would serve the community better if it focuses on enforcement first. Deal with the problem STRs. Pull permits for flagrant repeat offenders who violate the rules. And delay a ban on residential permits or further restrictions until after enforcement has had a chance to work.

Jenna Lass

Lake Placid

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