Summit County government leaders are getting feedback from a survey they released and considering different regulations including caps depending on neighborhood and different license types. A meeting was held August 1 with the Countywide Planning Commission where many ideas were expressed. The county is knee deep in their STR moratorium and is hoping to have regulations determined by February 2023.
Breckenridge has sliced and diced up their neighborhoods and created caps on the percentage of STR licenses depending on the location. Percentage caps will be implemented and they vary greatly depending on the neighborhood categorization.
The Town of Frisco Town Council seems to want caps on STR licenses but asked staff to get them data about what number they should choose and why. Frisco leaders have had conversations with stakeholder groups and I feel lucky to be included in that group to help contribute to the conversation. Frisco Town Council will be presented with a staff report of August 23.
As I carefully watch these conversations, it is apparent that government leaders are trying to strike a balance between locals needs and tourism which drives our economy. The conversation with all of these entities started with preserving locals housing. It has become clear that STR regulations are NOT going to create an abundance of locals housing and leaders do seem to acknowledge that. But instead of shifting gears and letting up on STR regulations, their arguments have changed, and now they are saying they want to “preserve the neighborhood or town character.”
As a real estate professional, I’m trying to express that the crazy market they are trying to correct is over. The market is shifting and free market forces will return things to normal. By regulating STR licenses, they are taking away property rights, meddling in the free market, and biting the tourism hand that feeds them. Just know that I have my battle armor on and am fighting in the trenches. Stay tuned my friends!