Penang short-term rental operators warn of dire outcome

Owners of apartments who want to rent out their units for short-term stays now have to get their neighbours’ approval.A soon-to-be enforced cap on STR could lead to many of them defaulting on their housing loans and eventually losing their property. Banks could also take a hit if these properties have to be auctioned off.

Apart from neighbours who have been complaining about the constant stream of strangers coming in and the noise and disruptions they cause, hoteliers also welcome the cap.One STR operator, Michael Goh, described the cap as a “tough pill to swallow”.He claimed that it is open to abuse by building management bodies tasked to monitor the STR units.

Given that many properties used for STR stays are also under mortgage, a curb would have a major economic impact.

When they buy the house, do they know the property cannot use for Short-term rental ? Why still talk laud if they did it wrong ? If they think it's no problem, why not ask them to take out whole floor and whole family stay there ? Think of others unit owner.

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