Letter: Speculative investment doesn’t come with guarantees | SteamboatToday.com

Letter: Speculative investment doesn’t come with guarantees

On the topic of nightly rentals and the rights of property owners: Speculative investment doesn’t include guarantees about your financial payoff, the investment climate or the market forces acting upon your property. That’s why stocks come with the disclaimer that “past performance is no guarantee of future returns.”

Real estate works the same way, especially when that property isn’t your residence but a wealth-generator. It’s a speculative investment, and property owners don’t have the right to ensure an unchanging climate for their investment. That’s just not the way it works, not in the stock market or with dwellings that people buy with the hope of cashing in on nightly rental fees.

Steamboat Springs residents are saying that nightly rentals are tearing at the fabric of our neighborhoods, and they’re calling on our elected leaders to steer the community into a healthier balance (maybe by enforcing residential zoning that prohibits commercial operations). Doing so hardly undermines the rights of private property owners, who will continue to own said properties — and if they choose, can sell those properties for a dazzling ROI (have you watched Steamboat’s soaring home values? Of course, you have).

Such property owners will still walk away with an armload of cash, even if community regulations put the kibosh on additional nightly-rental windfalls. That’s no hardship; it’s life as a speculative investor.

Kelly Bastone

Steamboat Springs

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