Will the Short Term Rental Moratoriums Affect Real Estate in Nevada & Placer Counties?
On July 27, 2021 the Placer County Board of Supervisors approved an Urgency Ordinance that placed a moratorium on new Short Term Rental (STR) permits. This has now been extended through to March of 2022, with no new permits being approved in this time.
Nevada County has now made a similar motion to place restrictions on current and especially new STR applications. As of September 29, 2021 the outcome of the Public Hearing at the Town Council of Truckee has approved the Urgency Ordinance, establishing a 45-day moratorium on the issuance of new Short Term Rental registration certificates.
What does this mean for you?
If you are looking to purchase a second home for the purposes of turning it into a vacation rental or STR, for the next 45 days no new permits will be issued, and potentially further into the future, if the Placer County rulings are any indication. There are exemptions, however - this moratorium does not apply to any complete applications that were in processing at the Town Council before September 29, any renewals for prior STR licensing, and any properties that were in escrow before the September 29 ruling if the property previously held the proper certification immediately prior to the close of escrow.
Please note that we are not providing legal advice - simply reiterating the latest findings of the council rulings. Always do your own research and consult legal counsel if necessary.
The intent behind these moratoriums and restrictions of STRs is to provide more housing for full-time residents, as well as place stricter rules surrounding noise and property damage for affected neighborhoods.
The downside is that this can seriously affect local real estate, as it makes properties less desirable to second home owners. Both Placer County and Nevada County are desirable destinations for vacationers and second-home buyers alike, and a lot of the real estate business here is derived from this desirability. With further restrictions placed on STR permits, this makes it more difficult to entice potential buyers, in turn making our neighborhoods a less desirable market to list in as well.
Find out more about how this can affect you here if you’re in Placer County and here if you’re located in Truckee.
Update on Caldor Fire
In other noteworthy news - as of September 29 the Caldor Fire has been 83% contained. We have seen a decrease in fire activity in the past 24 hours, which has been an important window for our first responders to make progress. While we can expect some high winds over the next few days to potentially pose a higher risk of spreading, we are still making important progress. We are fortunate to have seen our community really come together over the last difficult month, thanks to the hard work of the many firefighters, volunteers and members of our greater community who have worked tirelessly to get this fire contained, and provide support for all those affected. It’s times like these that we really see our community come together and show each other what we’re all about!
Donations are still accepted and very much needed for those who have been affected by the Caldor Fire. With over 5000 personnel assigned to the Caldor Fire - more than any other fire burning in the United States - many people are asking for ways they can help. There are multiple ways you can donate your time and/or money. We have listed just a few below:
Photo Credit: RGJ
Community Highlights
Looking for something fun to do in Tahoe-Truckee this October? We’d love to highlight just a few of the exciting events happening this month to help you jump into Fall!
The Annual Truckee “Wine Walk and Shop” - now this is an event we can get excited about! This weekend on October 2, join us at one of Truckee’s best annual events from 11am to 4pm for an afternoon of sipping wine, sampling local food, and shopping at some of Truckee’s finest shops! With over 1,000 local and visiting participants annually, this will surely be the place to be on Saturday! Find out more information on their website here.
Made in Tahoe Festival happening at Palisades Tahoe October 9 & 10 from 11am to 5pm. This local Festival celebrates all things LOCAL - featuring 65 local artisans, entrepreneurs and organizations from North Tahoe, South Tahoe and Truckee. Best of all - admission is FREE and it’s fun for the whole family. So be sure to come and enjoy local food and beer, live entertainment and so many amazing vendors - and celebrate all our area has to offer!
For a full list of vendors and a schedule of events, check it out here.
Truckee River Day is an excellent way to give back and get back to nature - in the landscape that we are so fortunate to enjoy around us every day. This featured event first began in 1996 and is what spawned today’s Truckee Watershed Council. The event itself is an epic volunteer day that encourages the community to come out and work together to restore meadows and riparian areas, plant native vegetation and repair our mountain home. Join us this year on October 17th beginning at the Granite Flat Campground! Find out more and register for this year’s event here.
