Value Bomb: Temporary Ban on Short Term Rentals

 In Value Bombs

Hi everyone, quick update for you in these confusing times. The city of Newport Beach has put a temporary ban on short term rentals here to help stop the spread of coronavirus and keep our residents safe. There are usually over 1,500 short term rentals on the market at any given time here, and the city actively monitors those to ensure proper permitting by landlords.

There are some exceptions to this temporary ban that includes first responders and emergency medical workers who are brought in to help with the pandemic they are allowed to engage in short term rentals as well as those who are already in short term rentals. Those individuals are allowed to carry out their stay. (Phew!)

The city said that landlords who violate this are subject to a $1,000 fine as a first offense and then suspension of their permit as a second offense. They have also said that the ban is slated to be lifted on May 20th 2020, assuming that conditions improve, which hopefully they do.

Fingers crossed and bye for now!

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