CA senate bill SB584 imposes 15% tax on STR

[Shaival Patel]

Any insights into SB584 that places 15% tax on STRs but exempts hotels to fund housing situation? It seems bone crushing high for guests. If you were a new investor in CA market, this tax will lower your occupancy rates while hurting cash returns. Cash returns are already super tricky to attain with todays real estate prices and interest rates. How worried are current STR owners about this bill?