Do you live at the beach? If yes, you are ok with mini-hotels operating next door?
I am guessing the answer to both questions is no. I have seen you post about OB real estate, so I suspect you own some properties that are rented as STVR (illegally). The residential zoning laws are clear about transient occupancy, it is not allowed. For many years, due to the technology, the zoning laws have been skirted by “home sharing”. The “home sharing” has been thoroughly abused to the point where houses and condos in residential zones are turning over occupants ever few days, year-round. If you took the risk of buying a home in a residential area and running it as a hotel because zoning laws were not enforced, that was your decision. Don’t expect the laws to change now, and you should have foreseen some sort of regulation coming.
WRT MB, I suspect some consideration will be made for those that were paying the transient occupancy tax before the new AirBnB ban. For those that bought homes in MB (or other beaches) residential areas and planned to run them as hotels illegally, I do not feel bad. Believe it or not, a decade or so ago there was still a lot of residents in MB. Even a school!
WRT hurting property values, the beach area prices were getting inflated because people were making purchase price decision based on operating them as illegal STVR’s which pencil out to much higher cap rates. I am ok with prices normalizing to what the local population will bear. I own in OB and have thought about going the STVR route, but I couldn’t do it to our neighbors and was adverse to the risk of entering an unregulated STVR market. Now that the policy has been clarified, I hope it is enforced appropriately, I may consider a granny flat AirBnB with confidence that I am operating within the law.
I am sure you are right, people will still try to skirt the law, but that is not my thing. Probably the people that are most likely to operate their STVR underground in the future are the same ones that bought residences expecting to be able to operate them as hotels, when clearly the zoning did not allow it.
