Palm Springs, CA

Pacaso, a leading real estate marketplace for co-owned luxury vacation homes, celebrated a significant milestone with the passage of a new ordinance by the Palm Springs City Council. This is the first city in California to affirmatively recognize and regulate co-owned homes, ensuring they are integrated into the community, thoughtfully.

“We are grateful to the Palm Springs City Council for being such great partners and recognizing the value of co-ownership,” said Pacaso CEO and Co-Founder Austin Allison. “This milestone sets a precedent for other cities in California. Co-ownership has been a pathway to homeownership for families for generations and is an ever-growing practice that plays an important role in addressing housing supply and affordability issues.”

Co-ownership, up more than 20% year-over-year, is being embraced as the future of second home ownership. By consolidating home buyers into fewer luxury homes, Pacaso is relieving the pressure of second home demand and unlocking benefits for buyers, owners, and communities, the company says.

“The families who decide to purchase a home together through the Pacaso marketplace have an owner’s mindset. They are committed to taking care of their home, their property, and their community,” continued Allison.

All Pacaso owners are to follow a Good Neighbor policy, emphasizing conscientious ownership and respect for the community. The Palm Springs ordinance outlines clear rules and penalties for violations designed to protect the neighborhood’s quality of life. Pacaso supports the inclusion of these provisions and requires its owners to adhere to both the adopted ordinance and Pacaso’s own Good Neighbor policies. Together, Pacaso owners protect and enhance the experience of their fellow owners and the local community.