Newport Beach City Council: Ready, Fire, Aim?
IMAGINE THIS SCENARIO You decide to invest your retirement savings and buy a home in Newport Beach, a couple of blocks from the beach. Your plan, someday, is to retire there. But for now, you can’t afford that, so you prepare your home to rent out for the upcoming summer. As a matter of fact, a heavy factor in deciding whether you could afford this home was the anticipated revenues from rental income in the lucrative summer rental market. You even timed the sale so that you’d own the property just in time. You go down to Newport Beach City Hall to file a permit to use the property as a rental and you told you are REJECTED.
Huh? Yes, rejected. You see, in their infinite wisdom, the Newport Beach City Council voted 6-0 to place a 45 day moratorium on the granting of any permits for short-term rental housing. That’s right, in the heart of America’s most Republican County, we have a City Council that is enacting policies that make the folks in Berkeley look conservative…… Read More