More Regulations on Short Term Rentals?

Farm Rainbow

A newly organized local advocacy group on Nantucket, called ACK Now, whose self-stated mission is to stop the erosion of Nantucket’s quality of life, has submitted an article for the next Annual Town Meeting on Nantucket, which is scheduled for sometime in April 2021. The article seeks to limit and further control short term rentals (STR’s) on Nantucket. The article, if adopted, would require that properties owned by non-resident and corporate owners be licensed by the Town and may be rented for only 45 days each year. It also sets limitations on bedroom capacity and the number of cars permitted. The vast majority of properties that rent on Nantucket are owned by individuals, both year-round and off-island residents, who count on some rental income to help defray the high cost of owning here.
The proposed regulations for STR’s owned by year-round residents are somewhat more liberal, allowing up to 90 days of rentals (these are the folks who will be voting on this). We have long contended that who owns the house (year-round or seasonal people, an LLC or corporate entity, etc.) has nothing to do with the impact of short term rentals on Nantucket. The group contends that neighborhoods that have been occupied by year-round folks are changing due to short-term rentals. Neighborhoods are changing due to the forces of the real estate market which is driven by supply and demand.
According to the state, there are approximately 2,000 STR’s registered on Nantucket which generate hundreds of thousands of dollars for the state and Nantucket each year from the room occupancy tax, currently 11.7% of the rental amount, paid by our visitors. That was the first step towards capturing income from the vacation rental market and implementing more regulations. This article,
if enacted, would take it to another level.
This article will seriously impact people’s individual property rights and we ask that you become informed and have your voice heard if you are able to participate and vote at our Annual Town Meeting.
Please find the full text of the article HERE.
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