Short-term rentals need responsible regulation
Posted October 01, 2018 in Press Releases
Growth in short-term rental platforms like Airbnb presents opportunities and challenges for cities around the globe. As we did previously when the issue emerged in Cleveland, Policy Matters Ohio supports responsible regulation and taxation of this business. In Cincinnati and elsewhere, that includes:
- Limits on rentals, such as a 90-day annual cap for how much a property could be rented and restricting rentals to owner-occupied units. That way, they don’t displace neighborhood residents, disrupt neighborhood character and contribute to a lack of affordable housing;
- Living wages for workers who clean these properties;
- Adequate taxes to ensure that city services supporting such rentals are paid for, and to put them on a level playing field with hotels. Online rental platforms should be responsible for tax collection;
- Licensing of both rental platforms and owners who use their properties as short-term rentals, and sharing of information about them with the city and the public so the business can be responsibly regulated going forward; and
- Use of some tax and license revenue to support an affordable housing trust fund.
Many of these principles have been adopted in other cities. They represent a sensible approach to this business that should be adopted in Cincinnati and elsewhere.