Amazing...and really innovative move by the town of Breck this week. Here's the backdrop of the issue:
Our locals need housing...our servers, chefs, cooks, retail workers, lenders, ski resort employees, lodging professionals, grocery store employees, assistants, medical professionals....and the list goes on. And we are in such a deficit of housing right now...need to have...that our businesses are suffering and our locals are leaving.
It's an epidemic that is increasingly problematic and detrimental to our quality of life in Summit and it isn't going to take one magic bullet like this to cure it however...what an effective solution!
Deed restrictions decrease the number of potential Buyers for a property and subsequently whether there is an appreciation or rental cap or not, the property is inherently worth less than a market rate property. That--is a fact.
And so why would any real estate investor reduce the value of their own property unless otherwise compensated? Although the estimated $50,000/participant estimate will not shore up the difference of loss that a Seller will bear over deed restricting their own property in most cases, it certainly makes it less painful.
It's a thoughtful and unique way to increase the possibilities of solution to our problem. Good job Breck!