Time To Protect The Island Real Estate Market From Private Equity Firms

To the editor: I am writing to express my deep concern about the increasing influence of private equity groups in our real estate market. These groups are buying up properties across the country, making it nearly impossible for middle-class families to afford homes. This is not just a local issue; it is a nationwide crisis. The facts are readily available—just a quick search will reveal the extent of the problem.

Private equity firms, such as The Copley Group, have access to low-interest loans that are not available to the average homebuyer. This gives them an unfair advantage and allows them to dominate the market. Our current laws were designed to protect us from the unchecked development of hotels across the island, but now, the Planning Board is pushing to change these protections.There is no evidence to support the claim that short-term rentals (STRs) are the backbone of our economy. The recent article, which presents itself as a compromise, is actually detrimental to the island. While some realtors claim that The Copley Group has contributed significantly to the island, we must ask—at what cost to our community?

The notion that homeowners will be unable to rent their properties is a scare tactic. What we need is a clear distinction: if a corporation owns a home solely for rental purposes, it should be classified as a hotel or a bed and breakfast. The community has voiced its opinion on this matter twice, yet the Planning Board continues to side with investment groups. Their actions do not reflect the interests of the residents.

It is time for us to stand firm and protect our community from being overrun by corporate interests. We must ensure that our laws serve the people, not the profit-driven agendas of private equity firms.

Be well,

Chris Powers