Measure T Update

Measure T passed by less than 60 votes, with approximately 6,521 votes cast.

What will Measure T Do?

Eliminates 1,400 vacation homes (VHR) that are currently operating outside the tourist core in the City of South Lake Tahoe by 12/31/2021 (the county is not affected by Measure T).

Restricts occupancy to 12 persons per VHR in the tourist core.

The city of South Lake Tahoe estimates it could lose up to $4 million a year in tourist taxes and fees.

The big question is what will Measure T do to single family home values in the city?  My best guess is home prices will soften in the city as former VHR’s come on the market when their owners lose the income that has helped pay for their vacation home and they can no longer afford them.  Home values in the county should increase as the demand for VHR’s increases to replace the lost VHR’s from the city.

Stay tuned…   The next few years should be interesting!

 

Speak Your Mind

*