Are Airbnb Rentals Being Booted From California? | National Apartment Association

Are Airbnb Rentals Being Booted From California?

Digested from “New Regulations to Wipe Out 80% Of Airbnb Rentals in California's Santa Monica”
Forbes (6/15/15) Bender, Andrew

Despite the surge of popularity in Airbnb rentals across the world, such rentals might cease to exist in cities such as San Francisco and New York. And new regulations threaten to wipe out more than 80 percent of the short-term rental market in Santa Monica, California. 

The Santa Monica regulations state that hosts will have to register for a business license and collect the city’s 14 percent occupancy tax. In addition, hosts will have to live on the property during the renter’s stay. The reasons cited for the new regulations: the increase in housing prices and further pressure on the already staggering housing prices as companies eat up existing home supply to capitalize on income from short-term vacation rentals. 

Full enforcement of the new regulations won’t begin for a few months. However, violators can still face a hefty $500 fine. To keep hosts diligent, the city of Santa Monica is hiring three staff members to track down violators. 

Read more

 

Event Highlights

A Career with Growth & Opportunity

Career Growth and Opportunity  

Learn about the perks and benefits of working in residential property management and some of the reasons the industry provides career growth, stability and endless opportunities.