HomeMy WebLinkAbout10-20-23 Public Comment - F. Spinelli - Short Term Rental Craze SolutionCustomer Submission #CS-23-713
Created on October 19, 2023 by FELIX SPINELLI SPINELLI.FELIX@GMAIL.COM
Short term rental craze: Here is a suggested plan to deal with this issue: The City estimates the total number of
housing units that they desire to be made available for long-term rental, say for 100 teachers or other public
servants. With that number in mind, they would then estimate the total market of property owners who desire to
rent out their property on a short-term basis (say, 1000). They would then cap the total number of licenses (in
this case, 900) and offer these licenses for bidders on an open auction. Bids would be accepted on an annual
basis (or perhaps on a longer-term basis) and receipts from the auction would go into a fund. This fund would be
used for rent-assistance to folks who are looking to be long-term renters. Theoretically, the amount that a
property owner would bid for a license represents about the amount of profit that they perceive they will receive
from short-term renters compared to renters on a long-term basis. The outcome should be very similar to the
current proposed plan but would not need to “rob” funds from receipts realized by the City through property
taxes. More importantly, the cost of the program would fall mostly on property owners in the short-term rental
market. Is such a plan possible? Probably not, because it makes too much sense and current property owners
would most likely have a strong voice opposing such a proposal.