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Home→Urgent→Pacaso bringing short term stays to a neighborhood near you.

Pacaso bringing short term stays to a neighborhood near you.

Incline Village Crystal Bay Matters Posted on by

Even if you don’t have any short term rentals close to you now, a new company called Pacaso has begun buying single family homes in residential neighborhoods for its fractional ownership program.

Go to Change.org Link: https://chng.it/m5PsLyhYrv and sign the petition
Send an email to Commissioners@WashoeCounty.gov

What is Pacaso:

  • A well-funded, $1 Billion+ Corporation
  • Focused on purchasing homes, forming LLCs and selling shares to multiple, anonymous owners

What is Pacaso’s Business:

  • Purchasing single family homes in residential communities under a unique LLC for each home
  • Selling a minimum of 1/8 shares of the LLC; up to 8 LLC owners per home allowing for up to 44 nights and short notice stays
  • Promoting anonymous real estate co-ownership in residential neighborhoods
  • Marketing second home ownership as a way to build a portfolio of real estate
  • Financing of up to 70% of the LLC share(s) purchase price

What we know and believe:

  • The business removes houses from the market available for single-family use
  • Ignores/skirts Washoe County STR regulations
  • No STR permit required; no occupancy limits; no parking limits; no fire and life safety inspections; no local 24/7 complaint responder; no bear box requirement; etc.
  • Avoids Homeowner Association (HOA) CC&R restrictions for Short-Term Rentals
  • Avoids real estate transfer taxes when LLC shares are sold
  • No Transient Occupancy Taxes (TOT) are paid by the Pacaso LLC or the LLC owners
  • Places additional burden on Incline Village/Crystal Bay amenities and infrastructure
  • Markets preferred access to our beaches, golf courses, tennis, and recreation centers 
  • LLC owners are restricted from renting their “time,” but may “gift” it to anyone
  • LLC owners are not vested in our community and are not eligible to vote in our elections
  • Neighbors are inconvenienced with noise, trash, cars, and an unrestricted number of strangers cycling through their neighborhoods from day to day or week to week
  • Near impossible for neighbors to know who to contact for emergencies? Who’s legit or not?

Your involvement is needed:

Chanage.org petition

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