Jan. 26, 2024 3 AM PT
To the editor: Reporter Jack Flemming’s article on Palm Springs’ cap on short-term rentals represents more the point of view of a Palm Springs realtor or a marketer of short-term rentals, and only momentarily the view of a full-time resident.
From my home within walking distance of the airport, I can see and sometimes hear the evidence of four short-term rental homes. My home is at the edge of two of the city’s 31 established neighborhoods — one trendy and one not-so, one expensive to buy in and one now just beginning to increase in cost.
The rapid increase in short-term rentals from 2015 to now created a bubble market that spurred corporate acquisition of properties. These companies capitalized on the limited amount of existing housing, making new home building imperative.
As a long-term, full-time resident of Palm Springs, I’ve welcomed the perception of increasing home value, but I also welcome the caps on permitted rentals to control the rampant speculation by corporate buyers.
Thomas Kohn, Palm Springs
To the editor: I read with interest your article about property values dropping in Palm Springs as a result of a cap on short-term rentals. I was surprised at the tone of the article.
Was I suppose to feel bad for the rich investors? Because who else could afford buying rentals?
A law to address the issue of affordable housing deserves praise. Bravo to Palm Springs.
Wayne Pearl, Westlake Village