Fort Worth’s short-term rental ban hurts property values. There’s a better way | Opinion

The recent ruling allowing Fort Worth to continue banning short-term rentals in residential neighborhoods does not allow private property owners to use their property as they see fit, thereby infringing on their rights.

Those who oppose short-term rentals in neighborhoods, including the city of Fort Worth and neighboring communities, believe they are protecting residents from the disintegration of neighborhoods. What they are doing is devastating home values.

When overly restrictive regulations infringe on property rights, it can diminish property values. Short-term rentals are economic drivers for our communities. People who choose to use short-term rentals through services such as Airbnb or Vrbo explore our neighborhoods, frequent our restaurants, shop at our locally owned stores and boutiques, and support local attractions. When you restrict visitors, you are taking money directly out of the hands of our local shop owners.

Additionally, short-term rentals can help homeowners afford their properties, including covering their mortgage payments, property taxes, homeowners’ insurance and home maintenance, while stimulating local economies. Taking away this source of income will drive people out of our communities.

Fort Worth currently has a housing shortage. Blaming short-term rentals for this challenge completely overlooks more significant factors driving home prices and rental costs, such as limited new construction, rising interest rates and zoning restrictions, primarily since short-term rentals represent a small portion of the housing market in most areas.

Instead of blaming homeowners who try to make ends meet through short-term rentals, we need to focus our attention on solutions that will have a marked impact. This includes increasing the housing supply in a city that continues to rank among the country’s fastest-growing metros and encouraging smart, innovative growth policies.

The Realtor community acknowledges that there are neighborhood concerns surrounding short-term rentals; however, it is possible to strike a balance between those concerns and property rights. The Greater Fort Worth Association of Realtors and our members advocate for responsible short-term rental policies rather than outright bans. That said, we encourage policymakers to work with stakeholders to develop fair solutions that take into consideration homeowners and the safety of the individual neighborhoods.

We urge local leaders to work with us — real estate professionals, property owners and community stakeholders — to create fair, balanced policies that allow short-term rentals to benefit our communities while addressing the legitimate concerns of neighbors. Banning or overregulating short-term rentals is not a solution. Let us all support responsible solutions that protect our property rights, encourage economic growth and promote thriving neighborhoods.

The future of homeownership and local economies depends on policies that embrace innovation and opportunity, not ones that stifle them.