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NOTABLE SALE
$2,875,000 DEAL IN GARDEN GROVE

MARKET: San Bernardino
ASSET TYPE: Retail
SALE PRICE: $24,325,000
Address: 897 Harriman Place
BUYER: Fred Vitt

What a deal

NEWS
HOW AIRBNB RULES IMPACT PALM SPRINGS HOUSING

ARTICLE TLDR

• Palm Springs Is Struggling

Palm Springs is a tourist hotspot, but also a home for many residents. How does the city balance its tourism and residential needs? One way is by regulating Airbnb and other short-term rentals. But this has also affected the housing market, especially for investors.

In 2017, Palm Springs limited the number of Airbnb licenses to 20 percent of homes in each neighborhood. It also banned license transfers to new owners. This was meant to protect the neighborhood quality and the housing supply.

The Airbnb cap has discouraged investors from buying and renting out properties. It has also lowered the prices of homes that are over the cap. Some properties are harder to sell, while others are overpriced. The market is stagnant and mismatched.

Palm Springs is not alone in regulating Airbnb. Other cities have different rules, such as Los Angeles, New York, and La Quinta. Each city has its own trade-offs and challenges. There is no perfect solution, and each city has to find its own balance.

Palm Springs is a beautiful city that attracts visitors and residents alike. By regulating Airbnb, it is trying to balance its tourism and residential needs, but it faces difficulties. The Airbnb cap has changed the housing market, and created winners and losers. How will Palm Springs adapt and evolve? That is the question for the future.

NEWS
SOULCYCLE SUED FOR $1.2 MILLION

• SoulCycle is getting sued

SoulCycle, a popular fitness studio, is facing a lawsuit from Onni Group, a real estate company that owns a building in Downtown L.A. Onni Group alleges that SoulCycle owes $1.2 million in rent since March 2020, when the pandemic hit. Onni Group also claims that SoulCycle abandoned its location at 888 South Olive Street, which has a lease until October 2031. SoulCycle does not list its Downtown L.A. location on its website. Onni Group operates the building as an extended-stay apartment complex. The lawsuit is one of many disputes between commercial landlords and tenants due to the pandemic.