Nantucket Current | It’s time to protect the island’s real estate market…

To the Editor: I am writing to express my deep concern about the increasing influence of private equity groups in our housing market. These groups are buying up properties across the country and making it nearly impossible for middle-class families to afford a home. This is not just a local problem, but a nationwide crisis. The facts are readily available – a quick search is all it takes to see the extent of the problem.

Private equity firms like The Copley Group have access to low-interest loans not available to the average homebuyer. This gives them an unfair advantage and allows them to dominate the market. Our current laws should protect us from the unfettered development of hotels across the island, but now the Planning Board is pushing to change those protections. There is no evidence to support the claim that short-term rentals (STRs) are the backbone of our economy. The recent article, which presents itself as a compromise, is actually harmful to the island. While some real estate agents claim that The Copley Group has made a significant contribution to the island, we must ask: at what cost to our community?

The idea that homeowners cannot rent out their properties is pure scaremongering. What we need is a clear distinction: if a business owns a home solely for rental purposes, it should be classified as a hotel or bed and breakfast. The municipality has expressed its opinion on this matter twice, yet the planning committee continues to side with the investment groups. Their actions do not reflect the interests of the residents.

It is time for us to stand firm and protect our community from the power of corporate interests. We must ensure that our laws serve the people, not the profit-driven interests of private equity firms.

Take care,

Chris Powers