An association of Lake Placid homeowners and taxpayers has expressed concern over a proposed bill that would regulate short term vacation rentals in the area.
According to Gold Medal Hospitality, residents should take an interest in the law that would have a significant impact on their community. The group urged village folks to attend upcoming public hearings on the piece of legislation.
In its letter to Lake Placid News, the association noted the new law is an improvement over its February 2019 version. The group, however, said these concerns need to be addressed. This move will make the bill more responsive to the needs of the home rental vacation sector.
Impact on Home Rental Owners
Gold Medal Hospitality explained the proposed law imposes restrictions that could affect the income and limit the growth of home rental owners. The group cited the following possible scenarios that could happen with the bill’s passage.
- Restaurants, shops, and tourist attractions could lose about $32 million in annual revenues from potential renters.
- Hundreds of thousands of school and property taxes paid by property owners to the village, town, and county could be lost.
- Bed taxes collected from homeowners, including lake placid cabin rentals, could diminish.
- The thriving real estate in Lake Placid could experience a significant decline. Larger and older homes that need renovation are expected to bear the brunt of reduced incomes.
- Hundreds of local contractors, housekeepers, and personnel who work every week are anticipated to lose their jobs.
Gold Model Hospitality emphasized that it would like to help preserve the distinct character of the community and the Olympic Village. Moreover, the association also aims to ensure the sustainability of residential vacation rentals in the area.
The group said the regulation of rental homes had been a significant topic of discussion over the years. This concern has not only been deliberated in the joint boards of the Lake Placid village and North Elba town but on a national level, as well.
Stakeholders have shared their ideas on how to protect Lake Placid. Sadly, their recommendations have not offered a positive image of the home rental sector, which includes lake placid cabin rentals.
Gold Medal Hospitality is, therefore, urging members of Lake Placid home rental sector to participate in the public hearing on August 26. The group said shopkeepers, contractors, business owners, and school officials need to go out and show their support.
Town Hall Meeting
In a town hall meeting held last June in North Elba, residents, municipal attorneys, town board members, and a code enforcement officer exchanged views on how the proposed law could be enhanced.
During the meeting, the participants discussed key issues and made recommendations to address these concerns. The panelists’ suggestions focused on the required facilities for home rental owners, as well as the treatment for owner and non-owner, occupied properties.
Other topics discussed during the gathering were the details of the proposed fees and penalties for homeowners, and the moratorium on the issuance of permits for old and new home rental owners.