Letter to the Editor: Breckenridge owners to pay the price of the short-term rental cap
A September 29 Summit Daily News article reported that Breckenridge Mayor Eric Mamula found reading letters about the short-term rental cap “painful.” The question remains, however, whether the mayor understands the importance of what the city has done. Does the mayor understand that banning the sale of homes to potential buyers who might be interested in short-term rentals will cause each Breckenridge owner to lose tens to hundreds of thousands of dollars in the value of their properties?
For example: Suppose I buy a restaurant in town that serves family food, pizza, and beer, wine, and spirits. Let’s call it Rob. Several years after my possession, the mayor and council decide that having too many licensed restaurants “weakens the character” of Breckenridge. Thus, despite the objection, they adopt an order capping the number of these licenses and making them non-transferable. Rob’s can continue to sell beer, wine and spirits. But if I decide to sell, the new owner will not be able to get a liquor license when buying. A potential new owner can sell pizza and wings, but they cannot sell beer.
Now I might never want to sell Rob’s. In the short term, I might even benefit from less competition. But I would lose valuable cargo in my business, and it would be painful indeed.
Mr. Mayor, respectfully, you just cost the owners of Breckenridge millions of dollars in real estate values at the stroke of a pen. All I can say is, “This is amazing.”
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