Commissioners discuss investor purchases, short-term rentals and housing stock pressures in Dunedin

Several commissioners raised housing affordability and investor-ownership concerns during the July 1 workshop, asking staff what tools the city has to protect neighborhood character and support long-term homeownership.

Commissioner (first name not stated on record but identified in transcript as speaking) summarized recent reporting: “Recent reporting indicates that corporate investors now own more than a 117,000 single family homes statewide with 27,000 of those in the Tampa Bay region, including Pinellas County. Roughly 70% of those properties are backed by Wall Street and private equity firms… In Dunedin specifically, data from investor focused platform showed that over 300 properties currently listed as investment properties with an average rental return of over 2,000 per month.”

City staff responded that the city has several local tools but limited authority over private sales. The city manager (Jennifer) noted Dunedin has regulations that can address short-term rentals and architectural review and that the city can promote historic-home protections and review codes, but cannot prevent private owners from selling to investors. “If they want to do it…you do have regulations on your books, with regard to like construction, your architectural review boards and getting that feel,” she said.

Commissioners discussed the landscape in some neighborhoods where storm damage and post-storm market activity — including properties for sale, pre-lofting, abandonment and pools neglected at vacant homes — are visible to neighbors. Several commissioners said they want staff to monitor conditions in neighborhoods on the west side of Alt. 19 and other affected areas and to report back with policy options to support affordable housing and community stability. The code enforcement board was noted as addressing short-term rental complaints and related enforcement actions.

No new regulations or actions were adopted during the workshop; commissioners asked staff to keep monitoring housing stock, short-term rental enforcement and neighborhood conditions and to identify possible policy options.