Posted by on January 14, 2022 2:09 am
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Categories: Breaking News Epoch Times News

Fractional Homeownership: A Growing Trend in Newport Beach With No Regulation

NEWPORT BEACH, Calif.—Though complaints about short-term rentals in Newport Beach had led to more regulations, the city still doesn’t yet know how to deal with fractional homeownership—a new and growing trend where multiple individuals pool their money together to buy a shared home that each of them can use throughout the year. Many Newport Beach residents have complained about short-term rental operations due to loud noises, partying, trash, and other issues related to their tenants who are largely out-of-town visitors. The complaints prompted the city to impose new regulations on short-term rental since October, including a minimum three-night stay requirement, a cap of 1,550 citywide short-term lodging permits, and a new minimum tenant age of 25. However, for months, nothing has been done about fractional homeownership, though its emerging issues were brought up in a city council meeting back in November. There are several companies specialized in facilitating fractional homebuying, …

Originally appeared on The Epoch Times

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