I recently attended a meeting with the Council or Elite Property Managers at the Pikes Peak Association of Realtors in Colorado Springs and was shocked at how many property managers were stating vacancies of over 5% - 7%! 

No restrictions or caps on supply, and I don't expect the City to revisit this anytime soon as it was about a 3 year discussion that I think council is happy to put in the rear view mirror. 

And Sellers will continue to do these deals without advice of council.

All agreements should be made by competent independent council (if possible these days, not sure).  

As a reminder, the San Antonio City Council approved new STR rules (you can see my post regarding this here!). 

This isn't solely a Philadelphia problem, but it's exasperated by the amount of power and influence City Council members have over their districts.

At least attend some city council meetings where it is on the agent, or talk to your councilperson for advice. 

I have been to the legislature and city council meetings to testify against the so-called ‘tenant protections’ that are damaging rental opportunities for marginal tenants.There is no “right answer” for you, but here are a few considerations.1.

Some other states allow them many do not.. so again you would be wise to seek council first.. 

To keep up with updates, I follow different Twitter and Facebook posts such as local news reporters and the news channels themselves that update on council meetings and voting.