Skip to content

New Regulations To Wipe Out 80% Of Airbnb Rentals In California’s Santa Monica

June 22, 2015

By Andrew Bender : Forbes – excerpt

The Los Angeles suburb of Santa Monica has instituted the nation’s toughest regulations on short-term rentals like Airbnb. Starting today, hosts will have to live on the property during the renter’s stay, register for a business license and collect the city’s 14 percent occupancy tax.

The city estimates that this will shut down about 1,400 of the 1,700 short-term rental listings – about 80 percent – in this upscale beach town and major tourist destination, population about 92,500.

Salvador Valles, the city’s Assistant Director of Planning and Community Development, cites two main reasons for this move:

  • The overall increase in housing prices in the city and region.
  • Companies taking over multiple units and subleasing them as short-term vacation rentals, decreasing the housing supply and putting even more pressure on housing prices.

More than just driving up rents, Valles says, the decrease in owner- and long term renter-occupancy has the potential to change the character of the city. “It becomes more of a transient community than a neighborhood where people are invested in the community.”

“Our city council thought that it was important to intervene and return rentals to the housing market,” he says. Violators will face a $500 fine… (more)

Advertisements
One Comment leave one →
  1. holeshothunter permalink
    June 23, 2015 11:59 am

    Good. It was a bad idea; always will be.

    *Holeshothunter* ​ all communications ​ are archived *Relativity plus Entropy means no going back.*

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: