STOP Pacaso From Damaging Incline Village/Crystal Bay

STOP Pacaso From Damaging Incline Village/Crystal Bay

April 29, 2022
Signatures: 1,304Next Goal: 1,500
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Why this petition matters

Started by Pamela Tsigdinos

What is Pacaso:

  • A well-funded, $1 Billion+ Corporation
  • Focused on purchasing homes, forming LLCs and selling shares to multiple, anonymous owners

What is Pacaso’s Business:

  • Buys single family homes in residential communities under a unique LLC
  • Promotes anonymous, real estate co-ownership in residential neighborhoods
  • Offers buyers a minimum of 1/8 shares of the LLC; up to 8 anonymous owners per home
  • Markets second home ownership as a way to build a portfolio of real estate
  • Finances up to 70% of the LLC share(s) purchase price
  • LLC shares allow up to 8 owners and multiple guests to come and go

What We Know and Believe:

  • Business removes homes from the market available for single-family use
  • Ignores/skirts Washoe County STR regulations
    • No STR permit required; no occupancy limits; no parking limits; no fire and life safety inspections; no local 24/7 complaint responder; no bear box requirement; etc.
  • Avoids Homeowner Association (HOA) CC&R restrictions for Short-Term Rentals
  • Avoids real estate transfer taxes when LLC shares are sold
  • No Transient Occupancy Taxes (TOT)  are paid by the Pacaso LLC or the LLC owners
  • Places added burdens on Incline Village/Crystal Bay amenities and infrastructure
  • Markets preferred access to our beaches, golf courses, tennis and recreation centers
  • LLC owners are restricted from renting their “time,” but may “gift” it to anyone
  • LLC owners are not vested in our community and are not eligible to vote in our elections
  • Neighbors are inconvenienced with noise, trash, vehicles, and an unrestricted number of strangers cycling through their neighborhoods from day to day or week to week
  • Near impossible for neighbors to know: who to contact for emergencies? Who’s legit or not?

Your Involvement is Needed:

  • Please sign this petition
  • Send an email to:
Support now
Signatures: 1,304Next Goal: 1,500
Support now