Letter to the editor: Short-term rental cap will have negative consequences | SummitDaily.com

Letter to the editor: Short-term rental cap will have negative consequences

George Cebry

I am very disappointed that the Breckenridge Town Counsel is likely to put a cap on short-term rentals. Limiting short-term rentals will not solve any problems. The council needs a few lessons in economics to understand the ramifications of the proposed cap.

The demand to visit and live in Summit County and Breckenridge has outpaced the supply. One of the few exceptions is short-term rentals in Breckenridge. While many services face supply shortages, Breckenridge short-term rentals have kept up with demand. The counsel wants to create a shortage by putting a cap on them.

The demand in short-term rentals is not going to change by putting a cap on it. People still want to visit Breckenridge for all it has to offer, including restaurants, shops, river walks, biking and skiing. If these people cannot find a place in Breckenridge, they will go to nearby Frisco, Silverthorne and Keystone. These same people will visit Breckenridge, but instead of staying at nearby Breckenridge condos and walking to their favorite places, they will drive, adding to the congestion.

Furthermore, the rental demand will go up in nearby cities increasing the cost of rentals, which will further reduce the more affordable options outside of Breckenridge for local workers. This will cause a rental supply issue in nearby towns with increased short-term rental demand.

Local business that rely on short-term rentals will be impacted. The cap will reduce their income by limiting licenses to 2,200.

This is a democratic society, and a vote should be taken by residents on the plan. More time is needed to adjust wages and prices to meet the current demand. Eventually, everything will adjust to meet supply and demand.

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