Greenwood considering ban on new home rentals
Headline and article from the Indy Star.
No mention about how this would be enforced or could it be enforced ?Concerns over developers renting out newly constructed houses that they cannot sell has prompted the city's mayor to propose a ban on new homes being rented until three years after they are built.
Mayor Charles Henderson said he was proposing the idea after a subdivision developer in the city reneged on his promise for it to be geared mainly toward empty-nesters. With 10 of the more than 40 lots developed for single-family homes, Henderson said the developer was using the remaining lots for rental houses.
"I want to send a message that people deserve some protection and that anybody that buys into an addition can feel comfortable it isn't going to be turned into a rental community," Henderson. "It would help protect folks that get crossed up."
The proposed ordinance includes a fine of up to $250 against violators.
The proposal to ban new homes from being rented out is unusual, said Joe Molinaro, of the Chicago-based National Association of Realtors, ... "Typically, towns have powers through state laws to do zoning, .... he said. "It doesn't deal with whether a person can own or rent a space."
How many times has a developer "promised" ; and might have over reached financially; their cash flow or the market ?