The Louisiana Senate approved a bill Thursday (March 22) that seeks to soften the effect of sharply rising property values as a result of short-term rental investment, allowing residents to pay the increase in phases over four years.
The vote in the Senate was 35-3.
The bill's author, state Sen. J.P. Morrell, D-New Orleans, said the proposal was prompted by fast-rising assessments in neighborhoods in his city where investors are scooping up homes and converting them to rental units available to guests through websites such as Airbnb and HomeAway. His proposal would give homeowners a four-year cushion to decide whether they want to sell their home if they can't afford the property taxes.