Quote:
Originally Posted by Steely Dan
What condo/co-op board would ever want to allow short term rentals, and all of their potential headaches?
When a unit in our 3-flat was for sale a couple years ago, the selling agent asked us if our condo bylaws allowed short-term rentals or not, to which we replied "the bylaws don't currently say anything about short-term rentals, but if the issue were to ever come up, the other two unit owners would 1,000% vote to have the bylaws changed to prevent such from occurring".
Oh damn, a realtor lost a potential sale.
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Some co-ops in NYC did allow short term rentals before the ban in their bylaws. That is why NYC had to ban it outright, to prop up hotels.
Those apartments were perfectly legitimate.
At least in NYC, some of these buildings are rented out anyway, and owners do not live there or don't really care. A co-op that used to allow AirBnBs had higher property values. The downside is that these buildings do not qualify for a traditional mortgage from a bank, but a lot of buyers in NYC are all cash and bank rules can be ignored. Some co-ops had a charge for AirBnBs, where some of the revenue would go to the co-op and offset maintenance charges. That is how they could placate long term residents of the building.
Same thing with condo buildings. A lot of condos in NYC and Miami are not occupied full time, and they had short term occupancy in their bylaws. Now, there are empty condo buildings in NYC that can't be rented out and tourists have to pay $400 a night for a NYC hotel monopoly instead. The hotels simply couldn't compete with those high end condo towers in Manhattan, so they used regulatory capture instead.