With your support, I've been deeply involved in efforts to regulate the $25 billion dollar short term rental (STR) industry. Our goal has been to avoid the problems documented in key tourist destinations around the world where vacation rentals have disrupted the quality of life in stable neighborhoods and displaced full-time residents. We have strived to create common sense
that would include restrictions on the number of such short term rentals on residential blocks; deference to condos, townhomes and rental buildings that prohibit short term rentals; and effective policing.
The negative impacts of short-term rentals, however, have not been uniformly experienced throughout the wards.There are fewer than 25 STRs in two-thirds of the communities across our city, while our ward has about 500 such units, Moreover, 80% of the units in our neighborhoods are available
full time, indicating a high number of
investor-owned units. We are also one of only two or three wards with a substantial number of short-term rentals on traditional residential streets that do not contain high-rises.
While there are many aldermen who are as concerned as I am about the potential loss of community identity, it is not yet clear how many City Council members view the proliferation of short-term rentals as problematic.
Our community's efforts to highlight the impact of short term rentals, particularly those controlled by investors, resulted in delaying a final vote on the ordinance last month.
As I write you, the work continues to try to strengthen the ordinance.
The final hearing on this legislation will be held on Tuesday, June 21 at 1:00 PM
in City Council chambers before the Housing and Zoning committees.
You are certainly welcome to attend and I will keep you posted on any significant developments.
Thank you for your invaluable insights over the past several weeks on this vital issue. I pledge to do all I can to represent your interests as we approach a final vote.