San Diego is trying to limit Short term Vacation rentals (Airbnb), but...
They weren't really careful and a LLC multi-property owner took advantage of a loophole to evict many of his month to month apartment and duplex leases into Airbnbs in choice vacation locations.
San Diego now has a lottery system (I think about 1000 a year, could be wrong) for licencing vacation rentals, partially to benefit the actual hotels (who pay the city hotel taxes, unlike the Airbnb hosts), and partially to slow the drain on available affordable housing these sorts of "investment" rentals have been creating over the last decade.
(Local news link below)
We have a horrible housing shortage in this town, and his apartments are in locations where there's a lot of tourist businesses that need a surge in workers from May to November, but poor transportation and parking options for people to go there and work those jobs just due to the local terrain.
So when cornered, this guy says "he's had a change of heart" and will only turn his regularly vacant near the beach properties into vacation rentals instead of all 114 units? Right. He was caught.
Really was an awesomeconcept for a few years, but it's really harmed the housiing market since. Corporations have been buying up properties to turn into Air BnBs all across the country and paying well over market value because their business case allows for it.
Home ownership is a big part of the American Dream, Air BnBs have really helped make that more unattainable for millions.
for tourist rentals. We specifically looked for a community that banned short term rentals. But other area places are constantly on the news with horror stories of short term rental tenants who ruin neighborhoods for the people already living there.
Airbnb and VRBO were great ideas in the beginning - the concept was that you could rent out your garage apartment, or even an extra room, to get some extra money. Or in the case of VRBO, you could rent out your guest house or second home in the same way.
The Law of Unintended Consequences kicked in, though. People who had previously rented out their properties to workers in long-term rentals discovered they could make more money in short-term vacation rentals. The result of that is that in areas that draw tourists, almost every rental property, garage apartment, and shed with a roof are now rented to tourists, and the people who actually work in the restaurants, retail stores, and attractions simple can't find places to live.
Rental companies who rent out houses and cabins now use VRBO as well, which was not the original intention. Also, investors are snapping up properties all over the country and using them as short term rentals. They have effectively killed long term rentals everywhere.