The pandemic has had a tremendous effect on the housing market. One of the big issues these days are rules for short term rentals. That’s essentially Airbnb rentals for just a few days.
Counties and cities in the Lake Tahoe region have either put limits on this or they have stopped granting permits for short term rentals. So if you wanted to buy a house right now in Truckee for instance and rent it out on Airbnb you wouldn’t be able to. It’s unclear if the moratorium will be extended or if Truckee or other cities will stop granting new short term rental permits altogether.
Placer county has extended their moratorium through March of next year.
A lot of this has to do with neighbors complaining about parties, noise and concerns that neighborhoods are being turned into all short term rental homes. On the other side, homeowners are worried that a ban on short term rentals could depress the housing market. Since renting out a second vacation home is a great way for buyers to help with their mortgage payments.
We don’t see a scenario where towns completely ban short term rentals since it would be economically hurtful. As the pandemic gets better and the demand for second homes subsides, maybe things can go a little back to normal. Whatever that is.