To the editor:
There is a local realtor who claims to have purchased five homes that they market for Airbnb and short-term rentals. They plan to buy more and boast they can make $500 per night on Airbnb and a significant amount on the short-term rentals. All is fair in love, war, and the investment world, except these homes are no longer available for purchase by anyone who wants to buy a residence.
The current real estate tax rate is $8.96. To slow down this type of investment, I would suggest a real estate tax rate unique to this kind of investment on the order of $25,000 or more. Only single-unit residences involved in this investment scheme would be affected. Alternatively, we could ban this type of investment entirely.
So, you can choose one or the other if there is real concern about the housing shortage. But if you opt for more public housing, restrict it to long-term town residents. The real problem is too many people, but that is another story.
Sincerely,
Dick Leahy
Garden Road