The Board's counsel will ensure second home co-ownership benefits both owners and communities
SAN FRANCISCO, July 25, 2022 /PRNewswire/ -- Pacaso, the leading technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, today announced the formation of a Government Advisory Board to shape the company's actions on housing policy, community engagement and growth.
Pacaso was founded to address problems created by the traditional second home, which is often a median priced single family home that sits empty about 90% of the time. High demand for second homes caused by the pandemic and remote work have resulted in low inventory and high prices for single family homes in many destination communities.
"One significant, but less-discussed, contributor to the housing crisis is a wasteful legacy model of second-home ownership," said Colin Tooze, Pacaso's Vice President of Public Affairs. "While no company can solve this complex set of problems on its own, Pacaso offers a sustainable alternative that combines multiple families into one luxury home."
Pacaso takes up to eight buyers and puts them in one home. Those up to eight buyers were looking for single family homes in the community. Instead, they share one luxury home. This means less competition for single family homes, more spending at local businesses, and more tax revenue, according to economists at EBP who studied Pacaso's impact in five U.S. communities.
The Board's expert counsel will ensure a long-term future for second home co-ownership that benefits both second home owners and communities.
"With a diverse, bipartisan membership from current and former elected officials and regulators with deep experience addressing emerging public policy issues," Tooze added, "the Board is ideally-suited to advise Pacaso on how best to work with governments and community leaders."
"Pacaso's innovative second home co-ownership model is a value-add to communities across the United States," said Steve Benjamin, former Mayor of Columbia, SC and past President of the U.S. Conference of Mayors. "Pacaso consolidates second home demand into fewer homes, taking pressure off of housing inventory for first-time home buyers and middle class families. This is the thoughtful and sustainable approach to housing we need right now, and I'm proud to help advise the company as it works to bring this model to more communities."
The inaugural members of Pacaso's Government Advisory Board are:
- Steve Benjamin (Chair)
Former Mayor of Columbia, SC and past President of the US Conference of Mayors
- Steve Adler
Mayor of Austin, Texas
- Michael Hancock
Mayor of Denver, Colorado
- Danny Perez
Member, Florida House of Representatives
- Alexis Podesta
Former California Secretary of Business, Consumer Services, and Housing
Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership to make owning a second home possible and enjoyable for more people. Pacaso curates luxury listings with premium amenities and high-end contemporary interior design, offers ⅛ to ½ ownership with integrated financing, and, after purchase, professionally manages the home and supports seamless resale. Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates in top second home destinations around the world. Pacaso has been certified as a Great Place to Work and is recognized as one of Glassdoor's 2022 Best Places to Work.
For more information about Pacaso and to view luxury second home listings, visit www.pacaso.com or download the Pacaso app for Android or iPhone. You can also follow Pacaso on social media @PacasoHomes on Twitter, Instagram, Facebook and YouTube or @Pacaso_Homes on TikTok.