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Ann Stuart's avatar

Fred, I agree. It's important for people to remember that the vast majority of those doing short-term rentals, including non-residents, are not investors. They are ordinary people with deep ties to MDI trying to keep a loved family place and be able to the pay taxes and maintenance they cannot otherwise afford. It is being talked about as if it is one group instead of looking at the components. As a finance person I can confirm that there is no set of numbers that would allow someone to buy a place here and make a profit with a rental season less than half the year. It's really important that people understand that if there is an increase in rentals it is not outside investors who are driving it so more information is needed. It's more likely due to the fact that for some families with summer places their taxes are 8+ times what they were for the previous generation.

Before the towns regulate they should be able to show how it will benefit. Some of the proposals will simply force people with long family ties to MDI to sell places they built and have owned for 50+ years to rich people without ties here who won't need to rent. This will not solve the housing crisis and won't improve community. More data and a more nuanced approach would be helpful.

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Ann Stuart's avatar

Interesting article on the housing crisis. I'd like to point out again that there seems to be a lot of anecdotal stories but very little data to help the towns figure out where the focus should be. It would be helpful to have some data to direct what the towns should focus on. Is there any actual measurable data about what the increase in demand has been over the last few years for year-round and summer housing and what is driving it? Is there any actual data on the loss of year-round housing, how many houses or units were year-round housing 5 years ago that are not now, what happened to them, where are they mostly located? Is there any data on how much the housing shortage affects the recent price increases, how does MDI compare to other places, have we increased more?

There need to be some specific goals so that proposed actions can be evaluated to see if they actually result in an improvement. Some categories may be too broad. It has been concerning recently to hear some of the incomplete information about short-term rentals for example. A large percentage of MDI short-term rentals are non-winterized cottages never part of island housing even if in residential neighborhoods. The short rental season here makes it hard to compare with cities and owners have different issues. The data on short-term rentals is also difficult to quantify as many of the "new" listings on AirBnB or VRBO in recent years are simply places that have been rented for 20 years through a broker and now they also have a listing online with one or both because more visitors use those services, making it hard to measure the amount short-term rentals have increased. Data might help to focus on the categories within short-term rentals that are contributing most to the problem.

Even if difficult, it seems necessary to try to quantify in each town what is actually happening with some specific details about both increased demand and housing loss. Support for various proposals will be higher if it can be shown that the changes will actually help.

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