Petition to close the still short property tax loophole o …
McIntyre, from Plymouth in Devon, says his town has become “a holiday rental town” and he cites the Cornwall Council figure Rightmove released earlier this year that only 62 homes are available for rent in this city. county, while Airbnb announced 10,290 Cornish properties available to tourists.
“By removing the mortgage interest exemption on vacation rentals, more homeowners will be making their homes available to people who need a place to live. This will reduce rents, prevent people from getting paid and ensure that communities in tourist hot spots benefit, ”he writes.
I feel privileged to live in Plymouth. It’s by the sea, there are some amazing beauty spots, Dartmoor is close by and the nightlife, before covid, was phenomenal. It is one of the main tourist destinations in the United Kingdom. Unfortunately, the advantages of Plymouth can also be a disadvantage for its residents.
I lived in my last apartment for 5 years. Rent was affordable and it was close to downtown, but not in great shape. When I complained to my landlord about the broken boiler and asked him to fix his property, he threatened to evict me.
One day a section 21 notice arrived for me and the other tenants in the building, meaning we had to move out. The owner said he was selling because he didn’t want to own it anymore.
But a few months later, I found out that he had turned the building into an AirBnB. I found online pictures of my old apartment which he had renovated and furnished to perfection.
My neighbors and I are not the only ones who have this happened. Plymouth has become a vacation rental town. Cornwall has 62 units for rent on Rightmove but 10,290 AirBnB listings. In a village in Wales, three quarters of the houses are holiday homes.
Less housing available to residents means higher rents and people are out of their local areas looking for housing. This erodes local communities and deprives local businesses of workers. The only beneficiaries are the owners.
One of the causes is mortgage tax relief, which vacation rental owners are entitled to, but private owners are not. This allows vacation rental owners to potentially save thousands of dollars each year and actively dissuades them from renting out their homes to locals.
After all, why rent to real residents when the government has made it cheaper to rent vacation homes?
We need a level playing field so that local areas have the right balance between vacation rentals and the homes people want to live in. By removing the mortgage interest exemption on vacation rentals, more homeowners will be making their homes available to people who need a place to live. . This will reduce rents, prevent people from getting paid, and ensure that tourist hotspot communities benefit.