The sharing economy phenomenon and use of online platforms like Airbnb and VRBO, which facilitate short-term rentals, have significantly transformed the dynamics of renting property. The popularity of Airbnb and VRBO has created a unique housing market where short-term rentals provide considerable income for some community association owners, particularly those in vacation destination and resort areas. Community association owners, therefore, must determine what short-term rental policy is appropriate for their community.
By the end of this month, 17 state legislatures will have adjourned. This year has proven to be an interesting one for many industries. Freshman legislators made up a large portion of lawmakers in many states after last fall’s election cycle, and many of CAI’s legislative action committees grappled with losing former legislators who “championed” community association issues.
Courts across the nation are split on whether post-petition community association assessments constitute dischargeable debts under Chapter 13 of the U.S. Bankruptcy Code. To make matters worse, in November, the Supreme Court denied a petition to review the issue, leaving the community association industry wondering if the existing dispute among the courts will ever have a concise national remedy.