THE DATA:

$5 Billion to $24 Billion
The assessed value of real estate has grown on average 8.4% per year for the last 20 years, going from $5Bn in 2000 to $24Bn in 2019.[1]

1,500 Short-Term Rentals on Nantucket
There are around 1,500 short-term rentals registered with the State of MA.[2] Nantucket has about 10% of the State’s rentals. The true number is likely higher.

2,300 Owner-Occupied Properties
With a permanent population of roughly 19,000, the island has only 2,300 year-round owner-occupied properties.[1]


POTENTIAL REMEDIES:

  • Vigorous enforcement of existing building, zoning, and HDC regulations
  • Reduce the rate of new building growth to a level that can be supported by the environment and infrastructure, prioritizing year-round homes
  • Ensure investor-owned development pays its fair share for the impact it has on infrastructure
  • Limit the number of short-term rentals
  • Educate the community on the potential for additional growth and determine a long-term, sustainable vision
  • Identify the necessary zoning and regulatory changes to realize this vision

[1] Assessor data, Town of Nantucket. [2] Sales Tax Registry (December 2019), Municipal Databank, State of MA.

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