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Palm Springs home values in "free-fall" after city cracks down on Airbnb

According to the L.A. Times, a wave of crackdowns on short-term rental permits has sent home prices into "free-fall" in the California desert community. As homes sit on the market, unsold, one buyer who paid $1.5 Million for a home says he'd be lucky to get $1 Million. Call it "Air-b-n-bust," after years of complaints from residents, the city passed an ordinance in 2022 to restrict short-term rental permits to no more than 20% of properties in any of the city's 66 neighborhoods. Some enclaves, like the popular Racquet Club Estates, are way above that mark, with 40% of homes being classified as short-term rentals. For the many who bought a home in the city during the pandemic and hoped to it into an revenue opportunity, many are disappointed the permits are non-transferrable, even among family members. Live, local news from L.A.'s Very Own, KTLA 5 KTLA 5 News - Keeping Southern Californians informed since 1947.