Property owners received a major victory yesterday when a Florida circuit court ruled against the City of Venice (in southwest Florida). The city was trying to place a ban on short-term rentals in the city limits. The courts ruled that this was a taking under the 5th amendment to the U.S. Constitution and the property owner must be compensated. Ouch! Do you know how many property owners the city would have to pay??? I bet they don't either.
You can read the whole story in the local newspaper the Herald Tribune.
The court case has the potential to bite other local cities like Belle Isle, Mount Dora, Deltona, and Cocoa who have all placed some regulation recently on rental properties. Many of these cities want to bite off the person's hand that feeds them (or in their case the person's hand who pays much of their taxes and fees). If the cities are forced to make restitution for an unlawful taking of property, that may change their tune. One can only hope.
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Rob Arnold, ABR, CPL, CRB, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public
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