SD council votes to limit Airbnb rentals to primary residences

[Olena M.]

A piece of not so good news for San Diego Airbnb community:

http://www.sandiegouniontribune.com/business/touri...

In a move that will dramatically alter San Diego’s home sharing landscape, the City Council Monday voted to outlaw vacation rentals in secondary homes, limiting short-term stays to one’s primary residence only.

The effect of the action will be to curtail investor activity in the short-term rental market while also barring residents and out-of-towners from hosting short-term stays in multiple properties other than where they reside.

Thoughts? 

[Anthony Ciulla]

I actually think this is a positive move. As a homeowner and resident of coastal San Diego, STVRs might be good for investors in the short term,  but left  unregulated, they cause skyrising rents, property values, and eventually convert residential neighborhoods into transient communities. Look at mission Beach for your example. A place where almost no one can afford to live.  The majority of properties are STVRs.  The MB school is closed because no families and children live there anymore.  

Eventually, a bubble will burst because of ever increasing prices and those investors who can't predict when to sell will lose their money. 

As an investor in it for the long term, I want my money in a stable equity where it maximizes value while not causing hardship for others.  If I didn't care, I'd simply become a drug dealer.  But I do.  And I think that my money and efforts should also not do harm into others. I believe unregulated STVRs do cause harm.  I read the approved plan and it's reasonable.  Homeowners can realize extra revenue. Investors can still rent properties long term.  If they want, they can invest in licensed hotels and realize a profit without pushing out residents.  However, the behavior of purchasing multiple properties with the intent of displacing residents runs contrary to the concept of responsible investing.    It's no different than burning down a forest to grow a few crops for a quick return.   We don't want a dead landscape.  We want desirable and vibrant communities in which to invest our money.