Newport Beach residents say “fractional ownership” …
Some residents in Newport Beach, California are pushing back against the growing trend of “fractional home ownership” that's taking over the city.
Locals say the practice is turning luxury homes into timeshares and party houses and transforming the suburban community into a resort town.
Fractional ownership is the practice where ownership of a home is split among multiple parties, typically anywhere from 4 to 12 owners on average. The arrangement is most common for owners of vacation homes.
KTLA's Chip Yost reports on March 29, 2023.