THE BIG SPLASH

The end of Airbnb in NYC

New York City has implemented Local Law 18, which enforces strict restrictions on short-term rentals like Airbnb, causing thousands of listings to disappear from rental platforms.

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• Under these new regulations, all short-term rental hosts in the city must register with the city, and only those who reside in the property they're renting can qualify. Additionally, hosts can only have two guests.

• These measures are aimed at curbing the disruptive effects of short-term rentals, such as noise, trash, and pricing local residents out of their neighborhoods.

• While Airbnb and similar platforms can still operate in New York, the rules are so stringent that Airbnb views it as a "de facto ban" on its business in the city.

• The implementation of these regulations could potentially open up housing units for local residents in a city facing a housing shortage and rising rents.

• Airbnb attempted to challenge the new law in court but was unsuccessful, and hosts are now exploring meetings with city officials to seek changes to the regulations. The law's impact extends to other short-term rental platforms as well.

• New York's approach to short-term rentals is not unique, as various cities worldwide are taking steps to regulate or restrict them.

• Dallas, for example, has confined short-term rentals to specific neighborhoods to prevent disruptive parties, while other places, like Quebec and Memphis, require licenses for short-term rentals.

• Airbnb's business remains robust overall, despite increasing regulatory challenges, with the platform reporting significant growth in the number of nights and experiences booked.

A SCOOP OF SQUATTERS

When confronted with squatters in his mother's home, Flash Shelton, founder of the United Handyman Association, took a risky approach to force them out.

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• Unable to get immediate help from local law enforcement, Shelton decided to "out-squat" the squatters by switching places with them and assuming squatter rights.

• He had his mother create a lease for him, got it notarized, and then staked out the property until the squatters left. Once they vacated, Shelton entered the property, installed cameras, and waited for their return, eventually successfully reclaiming the property.

• However, dealing with squatters or difficult tenants can be complex and dangerous, and it is not advisable to take the law into your own hands. Instead, property owners have safer and more legal options for managing real estate investments.

• Shelton now advocates for property owners to have more rights in such situations, emphasizing the importance of not resorting to dangerous tactics like his own.

A SCOOP OF SALT LAKE CITY

Salt Lake City, once known for its conservative Mormon influence, has undergone a significant transformation in recent years, evolving into a burgeoning hub for tech, bioscience, and financial companies. This shift has attracted a younger, diverse workforce, sparking a cultural renaissance in the capital of Utah.

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• The state, known for its low unemployment rate and steady economic growth, has become the fastest-growing in the nation.

• Real estate developers have recognized the city's potential, leading to substantial commercial and residential development, including luxury high-rises and upscale hotels. The growth in tech has been a significant driver, with numerous tech companies and start-ups establishing a presence in the city.

• Key factors contributing to Salt Lake City's transformation include the 2002 Winter Olympics, which brought new infrastructure like light rail, and an easing of liquor laws, making the city more appealing to residents and businesses. Additionally, the pandemic spurred digital nomads to seek out the city for its affordable housing and outdoor recreational activities.

• Despite these positive changes, challenges remain, such as rising housing prices and homelessness. Efforts are underway to protect affordable housing and incentivize developers to address these issues while continuing to harness the city's growth as a tool for progress.

• Salt Lake City has shed its stodgy image and embraced an inclusive and diverse environment, fostering an emerging arts, music, and cultural scene that reflects the city's vibrant transformation.

A SCOOP OF UPSTATE NEW YORK

Pittsford, a town in Upstate New York, has earned the distinction of being one of the hottest ZIP codes for real estate in the United States.

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• According to Realtor.com, Pittsford's 14534 ZIP code secured the 9th spot on the list, boasting an average of 3.5 unique viewers per property and an average of just 21 days on the market. In June 2023, the median listing price in this ZIP code was $571,000.

• Homebuyers are increasingly seeking affordability and value, especially in the face of high mortgage rates, making areas like Pittsford highly attractive. The town's proximity to downtown Rochester, the scenic Finger Lakes, and the New York state Thruway further contribute to its desirability among homebuyers.

• What sets Pittsford apart is the larger size of its homes compared to the median size in the surrounding Rochester metro area, making it an appealing option for those looking for more spacious living arrangements.

• Two other New York state ZIP codes also made Realtor.com's list, highlighting the region's growing real estate prominence. Endicott's 13760 ranked 28th with a median listing price of $273,000, while Ithaca's 14850 secured the 36th position with a median listing price of $585,000.

• Realtor.com based its rankings on market demand and the pace of the market, using unique viewers per property and the number of days a listing remains active. This data reflects the strong demand and limited supply in the hottest real estate markets.

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