I live in a place with a lot of tourists and second homes. AirBnB was beginning to reduce the lack of supply in the local hotel market, which caused the hotels to petition the city council to put an end to non-owner occupied short-term housing. This was done under the guise of improving the (admittedly) tight rental market.
The problem is, the following things happened as a result:
-- Existing short-term rental properties were grandfathered, which artificially has made those properties more valuable.
-- A lot of properties that might have previously been purchased and renovated by investors sit idle because the investors can't turn them into short-term rentals.
-- We have a lot of cottages / really small properties here, that are good short-term rentals but not great regular rentals. so basically a lot of garbage rentals came available that did nothing to actually help our rental market.
-- The hotels knew they now had a more captive market than previously.
So while I appreciate the sentiments of those who wanted to end short-terms rentals in the name of affordable housing, at least in our local market it has not been a good thing.
The problem is, the following things happened as a result:
-- Existing short-term rental properties were grandfathered, which artificially has made those properties more valuable.
-- A lot of properties that might have previously been purchased and renovated by investors sit idle because the investors can't turn them into short-term rentals.
-- We have a lot of cottages / really small properties here, that are good short-term rentals but not great regular rentals. so basically a lot of garbage rentals came available that did nothing to actually help our rental market.
-- The hotels knew they now had a more captive market than previously.
So while I appreciate the sentiments of those who wanted to end short-terms rentals in the name of affordable housing, at least in our local market it has not been a good thing.