A newer trend in local legislation has been the city councils approving moratoriums on a variety of real estate properties. ACAR recently shared the following concerns with the City of South Euclid regarding a resolution (38-24) that would place a 6-month moratorium on short-term rental applications (think: Airbnb, VRBO, etc.).
“…The State of Ohio is currently facing a housing inventory crisis, and REALTORS® believe it is crucial to support policies that take the critical need for an increased housing inventory into consideration, especially those that aim to safeguard the quality of life that has long made Northeast Ohio and the City of South Euclid a desirable place to live.
ACAR believes that to effectively address the ongoing inventory shortage, policymakers should explore creative and innovative solutions to increase housing availability in their area. One of these innovative solutions is short-term rentals, or STRs, as they offer an accessible and cost-effective approach to alleviating the ongoing crisis.
Short-term rentals provide a variety of benefits to homeowners in the City of South Euclid, as well as the city itself. STRs offer an additional stream of income to homeowners, helping increase the overall affordability of housing. They also fill a gap for those in need of temporary housing, such as visiting professors, parents and students visiting local educational institutions, traveling healthcare professionals, or new residents seeking a place to permanently rent or purchase.
ACAR believes that the government shall not arbitrarily infringe on the basic right of an individual to acquire, possess, and freely transfer real property, and shall protect private property rights as referred to in the United States Constitution. To ensure these rights are safeguarded, rather than reevaluating an already effective policy, the City of South Euclid should depend on established code alongside the expertise of local law enforcement officials to manage these concerns as they arise…”
