Comment Detail

Comment

Our association feels strongly that any rules that limit the parameters on lending to properties or areas with a significant share of properties that contain "short term vacation rentals" would be a detriment to local economies. As we have seen both anecdotally and empirically with research done by Georgia Southern in our own area - real estate has been the engine of economic recovery since the pandemic and continues to do such. In addition, many of our commercial enterprises; restaurants, retail, and other high-traffic areas of tourism have seen STVR's act as the primary driver of consumers in recent months. Any limitations on lending without an appeal process on such designation would not only lead to unintended consequences for residences that are not acting as an STVR but it undermines the value that true STVRs bring to a community. Despite their departure from traditional, single-family homes these are still residences that provide both an economic and community value particularly in coastal and resort communities that allow others to visit our communities. To limit lending to these properties and communities would be detrimental to these communities and our association humbly asks the Federal Housing Finance Agency to resist proposals that negatively impact the housing market in coastal and resort communities.

Thank you,