Rentals through Airbnb [Photo: Airbnb]
A few weeks ago Supervisor Chiu proposed legislation that would crack down on short term rentals that affect the city's rental housing supply, and today the full Board of Supervisors will vote on it. The legislation is supposed to "minimize adverse effects on the housing supply resulting from the loss of residential units through their conversion to tourist or transient use," which basically means corporations who sign long-term apartment leases for visiting employees and people who rent out their rooms on Airbnb. These types of uses remove rental units from the pool of housing available to permanent residents, causing rental prices to go up and every open house to be a kill-or-be-killed death match against dozens of other applicants.
Calling the situation a "housing emergency," the new legislation puts a moratorium on the conversion of residential units for tourist or temporary uses, which they define as occupancy for less than 30 days. It will be against the law for any owner to offer up a unit for tourist or business uses, and if they're caught they'll get up to a $1,000/day fine for the period of the rental. But there isn't any talk about existing tenants subletting their apartments, which we're guessing is that vast majority of people listing on Airbnb. The Supes will discuss the legislation at today's meeting, and we'll let you know how it goes.
· Administrative Code - Extending Restrictions of the Apartment Conversion Ordinance to Business-Sponsored Short Term Occupancies [SF Gov]
· Crack Down on Corporate Apartment Rentals [Curbed SF]
· So What's This "Sharing Economy" Doing to San Francisco's Housing Market? [Curbed SF]