STRs in most areas make up less than 5% of the housing but they consider it low hanging fruit.With that in mind, I wouldn't be surprised that the new city council would start to look at restricting STRs.

Overall, a nice place to live, unless you're in one of the bad areas, but rents seem outrageously high and city council adopted the state's rent control law - limits rent increases to 5% per annum. 

(Investigate the presence of Fortune 100 companies and industry diversity, using resources like metropolitan council reports and broker websites (e.g., CBRE, Colliers).)Affordability: Ensure household income has grown at least 1% YoY for the past 20 years.

(Investigate the presence of Fortune 100 companies and industry diversity, using resources like metropolitan council reports and broker websites (e.g., CBRE, Colliers).)Affordability: Ensure household income has grown at least 1% YoY for the past 20 years.

I Agree with @Bruce Woodruff, If you need further council reach out to Jeffery at Pothlaw.com.  

Right now the sellers are in a series of city council meetings to try and get confirmation from the city that they can still use the properties as intended.

You need competent legal council.

The council is anti STR,  They did the quota so it would divide the opposition. 

Hey @Olu Oguntoyinbo, before you get all hot on Houston, I would call the city council and see what they are planning.There has been a lot of activity regarding regulations and the like in Houston.

The note itself can be documented close to the same as any other holdback, I would venture in saying legal council would be better resources to help draft this than a QI.