A draft bylaw, unveiled earlier this month, aims to shield Tisbury’s housing stock from corporations like Pacaso and Ember, which market one-eighth ownership shares of vacation homes in popular destinations from Napa to Nantucket.
Timeshares and fractional ownership of homes could be prohibited in parts of Tisbury if voters approve a new zoning bylaw drawn up by the town’s planning board.
The draft bylaw, unveiled earlier this month, aims to shield Tisbury’s housing stock from corporations like Pacaso and Ember, which market one-eighth ownership shares of vacation homes in popular destinations from Napa to Nantucket.
If approved, it would ban timeshares and fractional ownership in the town’s residential districts.
“It’s those commercial platforms and the selling of shares on the open market that’s the primary concern,” said Laura Silber, housing planner for the Martha’s Vineyard Commission, who joined a planning board discussion of the draft bylaw on Feb. 6
San Francisco-based Pacaso, the best-known of at least six fractional-ownership companies that have sprung up in the U.S., Mexico and the European Union, has already begun purchasing homes on Nantucket, where it claims to be unaffected by the town’s ban on time shares because it sells ownership shares, not blocks of time.
Ms. Silber said a Utah firm called Ember poses an even greater risk to the Vineyard’s already unstable housing market.
“Pacaso’s targeting more what’s called the luxury home, $5 million to $7 million properties. Ember is targeting a younger demographic, and they’re targeting more single-family homes in residential neighborhoods,” she said.
“This can become a driving platform for short-term rental investment properties,” Ms. Silber added. “I think regulating this now makes sense.”
Planning board member Elaine Miller agreed.
“I’d like to see it out there as a warning [to the firms]: Don’t jump in right now, because we’re watching you,” Ms. Miller said.
Along with the draft new bylaw, an online public hearing at 5 p.m. Wednesday will also cover several proposed updates to existing bylaws, with multiple changes to the bylaw covering businesses in residential neighborhoods.
The planning board proposes loosening the bylaw’s prohibition on storing business materials outside, as long as the stored materials are screened from neighboring homes and public ways.
The draft update also clarifies that only one commercial vehicle can be parked on the lot.
“A common zoning complaint has been a tradesperson parking multiple work vans or trucks on the lot and then workers report to the home early in the morning to get in their van for the day causing extra noise in residential neighborhoods,” the planning board notes in the draft.
Another proposed bylaw change strikes the requirement that accessory dwellings are allowed only inside existing homes.
Following Wednesday’s hearing, the planning board will finalize language for the articles it will submit to voters on the April 25 town meeting warrant, seeking to update the bylaws.
Comments
I trust Laura Silber she is
Tom Engley West TisburyI trust Laura Silber she is the real deal. Elaine Miller seems to be on the right tract this is a very serious issue profits over progress. We need housing and it’s taking way too long to solve this issue. These smart focused women are a breath of fresh air.
I really can’t believe this?
Bob VHI really can’t believe this? You can’t stop certain groups from purchasing property.
This will be a a legal mess.
They can buy it, but can't
Carol formerly ChilmarkThey can buy it, but can't use it for time shares (or split ownership, whatever). It's called zoning - completely appropriate.
Oh my I just can’t believe
Leslie VHOh my I just can’t believe this?? We know want to control who buys property in Tisbury? This is a slippery slop. First I can tell you any time share corporation will keep the property squared away…
Second we need this. We are a resort community whether you like it ir not.
They support my family and my friend on the Island.
This is not a good thing.
well, your voters singled out
Michael edgartownwell, your voters singled out certain people, so called millionaires, and voted to tax just them more. how is that legal? can you just tax certain people because you vote on it? how about we tax people over 6 feet tall? what's the difference?
I want to thank all involved
Eric Poehler Vineyard HavenI want to thank all involved in planning new zoning regulations for Vineyard Haven, it can’t be said enough that we are at defining time, do we want Vineyard Haven to be and stay a town of trades people, office workers, health care workers, steamship employees, teachers, police and retirees. I look around my own area of town and observe many empty homes that are shut up four to five months a year, can you imagine if corporations started to buy up all family housing that comes up on the market, no family could compete and the families would and will move off island to our collective loss. I believe are only hope is through well thought out zoning regulations which may help to preserve what we have now the past is gone, nice to remember and speak to but we must deal with the present.
Gail, you ask “do we want
Gail VHGail, you ask “do we want Vineyard Haven to be and stay a town of trades people, office workers, health care workers, steamship employees, teachers, police and retirees?
Of course we do… but without the wealthy and corporate people we are not an Island as we know it.
We need the wealth and corporate to support the Island.
Thank you Eric yes I totally
Richard Alcott VHThank you Eric yes I totally agree, Everyone on MV needs to keep up with new planning & zoning regulations and local efforts to counteract new challenges to available housing for regular islanders.
Corporate greed is killing
Carla CooperCorporate greed is killing all aspects of our middle class. Now these corps want to purchase our housing stock for profit. What else will they usurp from working Americans?
Where is the data that big
Rational Person Oak BluffsWhere is the data that big corporations are buying up properties on the island to turn them into short term rentals? An influx of LLC's, ha, that's nonsense. Many individual's form an LLC to purchase properties. Anyone with a clue about real estate understands that at today's market rates for a property the ROI is in no way attractive to an investor. Eight to ten weeks a year of rentals is not an attractive investment. Buying a vacation house and renting for several weeks to cover expenses , well of course that may help regular people, but these are not the bogey men so many are espousing.
What if 4 year rounders
Abby Normal The RockWhat if 4 year rounders bought a house. That would be fractional ownership. They would each own 25 percent. What would be wrong with that? They would have year round housing and be able to stop renting. We need new ways of ownership to afford the high prices of homes on this Rock.
Seems more thought is required about the unintended consequences.
What about Family trusts that
tom nycWhat about Family trusts that split the ownership and time in a house to allow for each family to get two weeks usage of the property?
While the main subject of new
John TisburyWhile the main subject of new proposed bylaw is understandable, the little mention of restricting commercial vehicles disturbing. Great way to gut the town of trades people. Talk about gentrification, sounds like one of those infamous "homeowner's associations". There are a lot of small businesses that can not afford a plot at the airport park, do we want to get rid of all of them? I'm sure there is a better way to address the issue, as not all multiple commercial vehicle owners are causing problems for their neighbors.
Once again the planning board
Poor thoughts TisburyOnce again the planning board coming up with a zoning regulation without thinking out 1) why the problem exists 2) how to mitigate the issue and 3) zoning enforcement.
Expand the park and ride. Better access to the old septage lagoons for us trades people to park.
What are the facts? How many
Rational Person Oak BluffsWhat are the facts? How many homes has Ember and Pacaso bought on the island? It's hard to believe that these types of companies would focus their investments on properties with such a short season. The ROI would pale in comparison to more year round markets such as Florida or the Southwest.
I am not a fan of Timeshares.
Gail Tisbury, MaI am not a fan of Timeshares. But banning timeshares??? Really? We need wealth and corporations to have a prosperous Island.
We need the jobs to support our lives. Without them we don’t have an Island IMO.
Lots of good comments already
John Aldeborgh KatamaLots of good comments already. I don’t think this can be stopped as it’s effectively nothing more than multiple names on a deed or trustees on a RE trust. This happens all the time. The idea that we can be selective about who’s welcome on the island doesn’t sit well with me as I see this as a very slippery slope. From my perspective island real estate is already unaffordable for almost all, so people who love the island naturally look for creative solutions. These corporations are simply responding to market demands, near as I can tell they’re not building resorts but rather just enabling people to fractionally own an existing home that they otherwise could never afford. Not sure it’s my concern how these families find their way to the island.
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