I have three short term rental property bills on second reading on September 6, and another on first reading.
I will ask the Council to approve two of the bills on second reading, and defer the third. The first two – which would require a permit number to be included in all online advertisements, and require an STRP application to be made under oath – have not generated any opposition that I know about. I would like to see those pass on second reading.
The other bill on second reading would clarify the maximum occupancy rules for STRPs. I have received lots of emails in support, and lots opposed to this one. To allow my colleagues more time for discussion, I am going to ask to have this bill deferred one or two meetings.
Finally, the new bill on first reading would set new caps for investor-owned STRPs. Currently, for investor-owned single and double family units, the cap is 3% of the housing units in the Census Tract. I propose changing this to 1% and grandfathering in any existing units with permits. And, currently, for investor-owned units in multi-family developments, there is no cap at all. I propose adding a 1% cap and grandfathering in any existing units with permits.
There is near unanimous opinion from all sides that the current system is not working and that changes must be made. Some want more regulation. Some want more enforcement. I trust that, in a few more meetings, the Council will find a new balance to try to improve the situation.