The Newport Beach City Council voted unanimously March 14 to draft an ordinance to classify fractional homeownerships as timeshares, which are currently banned in the city’s residential neighborhoods. Fractional homeownership occurs when multiple individuals purchase a property, usually as a second home, and split usage based on a percentage of ownership. They are different from…
Newport Beach Advances Ban on Fractional Homeownerships in Residential Areas
March 20, 2023
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Fractional Homeownership: A Growing Trend in Newport Beach With No Regulation
January 13, 2022
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NEWPORT BEACH, Calif.—Though complaints about short-term rentals in Newport Beach had led to more regulations, the city still doesn’t yet know how to deal with fractional homeownership—a new and growing trend where multiple individuals pool their money together to buy a shared home that each of them can use throughout the year. Many Newport Beach…
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