NPCA Backup

Recently the Board conferred with legal counsel to clarify the Association's leasing policy on short term rentals, which have become increasingly prevalent with "sharing economy" services such as AirBnB.com. We would like to take this opportunity to communicate that our Bylaws prohibit all types of short term rentals, specifically including, but not limited to, AirBnB and VRBO rentals. Per New Plaza Bylaws: Only the entire unit (not a portion of it) may be rented . (Bylaws 6.8(B)(14)) This means that owners/residents may not charge someone to rent out a second bedroom, to share a one bedroom, to stay in the living room of a unit, to couch-surf, etc. Rentals for periods less than one year are not permitted . (Bylaws 6.8(B)(14); House Rules 2.5) Units may not be used for timesharing or any other similar arrangement that would allow occupancy on a daily, weekly, monthly, or any other period of time other than a year. (Bylaws 6.8(B)(14))  In sum, owners/residents may no...

On May 7, 2012, the Board released a memorandum about leasing policy and restrictions for units in New Plaza. The full memo is copied below for your reference. NEW PLAZA CONDOMINIUM ASSOCIATION BOARD OF DIRECTORS Board@TheNewPlaza.com May 7, 2012 Dear New Plaza Owners: As you should all be aware, your ability to lease out your unit is subject to certain restrictions contained in the Association's Bylaws and House Rules. These restrictions impose limitations on the total number of units which may be rented in the building at any one time and set forth the process by which the Association implements the restrictions. Specifically, large numbers of rentals can adversely impact market values in two ways: 1) Condominiums with a large number of renters are less desirable to purchasers, and create a building environment that is more transient and less considerate of rules and the building generally; 2) If a building exceeds certain thresholds of non-owner-occupants, then some types of fin...