Proposal for Congressional Action: Restricting Short-Term Rentals to Alleviate Housing Market Pressures
Introduction:
The rise of short-term rental platforms such as Airbnb and VRBO has transformed the housing landscape, providing income opportunities for some homeowners while exacerbating housing shortages for potential buyers and renters. This proposal aims to impose restrictions on these platforms to restore balance in the housing market, ensuring that more properties are available for long-term residents.
Purpose:
The primary goal of this proposal is to alleviate housing market pressures by implementing regulations that will:
- Increase the availability of housing for actual homebuyers and long-term renters.
- Promote housing affordability and stability in communities.
- Protect the integrity and character of residential neighborhoods.
Proposed Restrictions:
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Limit on Short-Term Rentals:
- Implement a cap on the number of days a property can be rented on a short-term basis per year (e.g., 30 days).
- Require property owners to obtain a license or permit for short-term rentals, subject to local government regulations.
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Owner-Occupancy Requirement:
- Mandate that properties rented out on a short-term basis must be owner-occupied for a minimum percentage of the year (e.g., 50%).
- Prohibit entire-home short-term rentals in areas identified as high-demand housing markets.
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Tax Incentives for Long-Term Rentals:
- Introduce tax breaks for property owners who commit to long-term leases, encouraging them to transition from short-term to long-term rental models.
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Transparency and Reporting:
- Require short-term rental platforms to provide regular reports to local governments detailing the number of listings, rental frequency, and owner occupancy status.
- Establish a public database for community members to access information about short-term rental activity in their neighborhoods.
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Community Impact Assessments:
- Require local governments to conduct impact assessments before approving new short-term rental licenses, considering factors such as housing availability, community character, and infrastructure strain.
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Enforcement Mechanisms:
- Allocate funding for local governments to enforce these regulations, including hiring additional staff for inspections and compliance monitoring.
- Establish penalties for non-compliance, including fines and the revocation of rental licenses.
Conclusion:
By imposing these restrictions on short-term rental platforms, we can help ensure that the housing market is accessible and affordable for those seeking to purchase homes and those in need of long-term rental options. This initiative will foster healthier communities, support local economies, and promote equitable access to housing. We urge Congress to prioritize this issue and work towards legislation that balances the needs of property owners with the rights of residents and prospective homebuyers.
Next Steps:
- Convene a committee to discuss the proposed restrictions and gather input from stakeholders, including homeowners, renters, and community organizations.
- Draft legislative language to formalize these proposals and initiate the legislative process.
- Engage with local governments and housing advocacy groups to build support for the initiative.
Call to Action:
We call upon our fellow lawmakers to support this vital initiative that addresses the pressing housing crisis facing many communities across the nation. Together, we can create a more equitable housing market that prioritizes long-term residents and promotes community stability.