![]() The ordinance did not eliminate all rental opportunities. ![]() ![]() ![]() The city council observed a trend where entire apartment buildings were dedicated to tourist accommodations, “essentially turning an apartment building into a hotel in a residential neighborhood.” The ordinance defines “exclusive transient use” as use of the property by a visitor when none of the accommodation’s primary residents live on-site during the visitor’s stay. In response, the Santa Monica City Council passed an ordinance in 2015 that forbids any city resident from renting out an entire residential unit for “exclusive transient use” of fewer than 30 days. The high demand for tourist accommodation, however, has compelled property owners to make rental units available on Airbnb, thereby reducing the number that would otherwise be available for long-term rentals. Santa Monica sits on the Pacific Ocean and is a popular beach spot for residents of Los Angeles. In a recent paper, Cayruã Chaves Fonseca of the Centro de Estudios Monetarios y Financieros (CEMFI) suggests that the Home-Sharing Ordinance in Santa Monica, California has not resulted in lower long-term rental costs. One scholar argues that, in at least one case, strict regulation of Airbnb has proven unsuccessful in halting this trend. But the proliferation of these services has some city officials worrying that short-term tenants and vacationers are preventing long-term residents from moving in. ![]() Short-term housing rental services such as Airbnb provide cheaper accommodations for travelers and extra cash for renters. ![]()
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