In addition to the state-wide Realtor® agenda, there will be hundreds of other legislative proposals that might impact the real estate industry. Realtors® serving on the NVAR and VAR Bill Review Committees will meet regularly during the session to review legislation and take positions on key bills.

A FIGHT STILL BREWING
The Virginia Housing Commission met over the summer in an attempt to fashion regulations regarding property rentals through online platforms such as Airbnb and Homeaway.com. Despite numerous meetings, a consensus was not reached. It is expected that several different bills will be introduced during the session.

The legislation is intended to address short-term rentals, and not properties rented full-time under a lease, bed and breakfast establishments, or hotels. Realtors® consider this legislation from two competing points of view and are seeking the best compromise. One concern is the right of property owners to rent their property, and second is the protection of the community’s and homeowners’ quality of life.  

Realtor® representatives served on the Housing Commission and made certain that one provision is included in draft language. That provision exempts real estate licensees who manage these short-term rentals from having to obtain an additional license. This exemption addresses one of the proposals, which would require anyone offering a property for rent through an online platform to obtain a license from the locality. NVAR and VAR will work to make sure that the Realtor® exemption remains in any final bill.

STUDENT DEBT CAN AFFECT HOUSING OPPORTUNITIES
NVAR supports the concept of measures to help students refinance their loans. Many young people are unable to buy homes due to the amount of debt they are carrying. Several legislative proposals are expected to be introduced, and the Realtors® will examine those for possible support.