Arguments Against a Rental Cap
Costly
It will instantaneously shrink a homeowner's buyer pool for a future sale. Studies show, a cap will lower our future resale values by at least 5-10%. It will be expensive to draft, implement, enforce, track, and legally defend. It's going to cost us all.
Unnecessary
This is a case of manufacturing a problem to justify a predetermined policy.
The Rental Cap Committee has never clearly defined the problem—and its claims of impending doom are hyperbolic. And a rental cap would not solve any of them.
It is a solution in search of a problem.
While no official rental percentage is available, our review of five years of sales records shows that 40 Laurel Bay units changed hands, and only 12 are now rented—30%. We estimate current rentals at ~40-44%, and the trend is toward fewer, not more, rentals.
Ineffective
A rental cap would not change rental percentage at all for close to 25 years. Grandfathering gives all current owners the right to rent their units. Checkout "Truths about rental %" for an analysis showing how long it would take if a cap at 30% rentals were imposed. It would take until 2051 to get to the 30% level!
Divisive
The one-sided advocacy and lobbying of the rental cap committee has turned neighbors against each other. It has spread misinformation. The misconducts have been called out by multiple homeowners, troubled by witnessing two Board members intercept Laurel Bay owners in our lobby and canvass door-to-door to advocate for the rental cap.
Unenforceable
With trusts, LLC’s, estate-owned units, how will ownership changes be detected and rules imposed? Who will judge and grant rental approval for "special hardship" requests? What is certain is that all owners would bear the legal costs of these disputes.This is a litigation time-bomb.
Unsupported
Opinions and emotions, not backed by evidence nor data, are what the committee has spread for the past year. Their arguments are unfounded: “You need to take a leap of faith”, “My broker friend said…”, “The presence of renters is a problem. They are not part of us.”
It Infringes on our rights to control our property
This is the crux of the issue! Our bottom line! A rental cap takes away your options to sell to the highest bidding buyer of your property. It eliminates potential buyers from a huge swath of the market. Younger owners seeking a start on home-ownership. Military families who might be deployed. Those using VA financing. Second home purchasers. They will not buy in a rental-capped community. We detail those FACTS in this website. This imposes NEW RESTRICTIONS on YOU, THE HOMEOWNER. Do not let this happen. Resist. Vote against this effort. Express
We believe facts should drive decisions, not misinformation or fear-centric rhetoric.
NO PAYOFF
What do we gain from this disruption to what was a friendly community? NOTHING. The rental cap committee when questioned says "more of a sense of community." Or "more owners that can serve on the board." Or "better behavior in the community by eliminating renters who don't share our sense of value for the property."
These are questionable, ephemeral benefits. While they might sound positive there has not been a lack of community spirit UNTIL THIS ILL ADVISED CAMPAIGN WAS INITIATED. This will be more pain for little or no gain.