Fishers to cap number of new rentals that can be made available within city subdivisions

FISHERS, Ind. - The Fishers City Council passed a controversial ordinance that will allow officials to cap the number of properties that can be turned into rentals within city limits.




Ordinance 022425A passed unanimously during a city council meeting on Monday night. Mayor Scott Fadness, who backed the legislation, released a statement after the ordinance was passed.




"Tonight, our city council, with bipartisan and unanimous support, took a major step forward to securing the sustainability of our neighborhoods while ensuring the opportunity of homeownership," Fadness wrote in his prepared statement. "We look forward to working with all stakeholders as we move toward implementation."




The ordinance specifically targets single-family rentals. Under the ordinance, no more than 10% of the single-family homes in any given subdivision may be put up for rent.




To police the rule, officials will require all single-family rentals to be registered with the City of Fishers. The City of Fishers will then determine when 10% of the single-family homes in a subdivision have been turned into rentals.




Failure to register a single-family rental property could result in a $250 fine. Landlords who rent a single-family home in a subdivision that has already reached its 10% cap could be fined up to $7,500.




Previous reporting indicates that, in order to register homes and obtain permits, landlords will be required to provide the names of the property owners, address of the property, an email address and a local contact for the property.




The City of Fishers has reported that properties currently being used as rentals will be exempt from the 10% per subdivision cap.




Other exemptions are built into the ordinance. Certain rentals can qualify for exemptions if the property owner is renting to family members or if a person is relocating for employment or military deployment.




In a previous interview with FOX59/CBS4, Fadness said Ordinance 022425A is one way the City of Fishers is attempting to prevent big businesses and special interest groups from buying up single-family homes and listing them as rentals.




"I completely get why special interests are doing what they're doing," Fadness said during an April 16 interview. "They're trying to protect their ability to make money. Our motivation is simply we want to protect the American dream, allow you to own a home in our community and in doing so, ensure the long-term sustainability of our city."




During the same interview, Fadness added that Ordinance 022425A protects the interest of some Fishers homeowners.




"We're not just thinking about that individual, we're thinking about the other individuals that still live in that neighborhood," Fadness said. "And did they sign up to be in a completely for-rent neighborhood? No, they bought their home. They're investing in their home and that's their livelihood."




Among Ordinance 022425A's detractors is MIBOR - an association representing Indiana realtors. MIBOR issued a statement after the ordinance passed on Monday night.




"We are disappointed by the Fishers City Council's decision to approve the rental registry and rental cap ordinance," MIBOR CEO Shelley Specchio said via release.  "MIBOR stands firmly in protection of private property rights. This overreach sets a troubling precedent: local government deciding who can live in a neighborhood, and under what conditions. It is also a setback for housing freedom and for individuals and families who rely on rental housing to live in desirable communities like Fishers."




"Housing affordability and access are urgent challenges. Restricting housing options will only compound the problem. We are disappointed that city leaders and the council rejected factual data we shared on the impact this ordinance will have on the housing market, and the unintended consequences the community will face. Passing this ordinance tonight is a move that prioritizes regulation over real solutions."




Fishers is one of a few cities that is attempting to cap the number of rental units available in its subdivisions. On Monday, the City of Carmel introduced an ordinance that will cap the number of single-family rentals per subdivision at 10%





via: https://fox59.com/news/fishers-to-cap-number-of-new-rentals-that-can-be-made-available-within-city-limits/