Visit Greater Palm Springs released a new study on short term vacation rentals conducted by Toursim Economics, an Oxford Economics company.
The analysis directly reflects the impacts of policy restrictions on short term vacation rentals in the Coachella Valley.
People that oppose short term vacation rentals often argue that they increase rent, raise the prices of homes and increase crime.
In a statement shared with News Channel 3 the report finds that, “Studies analyzing housing affordability and residential housing development show that STVRs account for only 1% of home value or rent increases, and less than that for seasonal communities like the Coachella Valley.”
Cities including La Quinta and Palm Springs are currently looking to ban or restrict short term vacation rentals.
You can read more about La Quinta’s ballot measure A here. Along with Palm Spring’s consideration to ban short term rentals in their upcoming city council meeting here.
We’ll be taking a closer look at the findings tonight at 5 and 6 p.m.
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