The City of Toronto is seriously looking into the benefits of regulating short-term, Airbnb-style rentals. Officials are evaluating the impacts of the popular hotel alternate and considering what kind of restrictions should be introduced to the thriving business.
On Wednesday (October 19) the City released a report, showing evidence of Airbnb rentals doubling in the city, and described potential regulations including a licensing system, updated zoning bylaws and additional tax requirements. The report will be considered by policy makers next week.
Fairbnb, which is led by the hotel workers union, says the report is an vital stride in ensuring there are set rules administrating short-term rentals.
Cities everywhere are trying to understand how to handle home-sharing services and their effect on neighborhoods, housing affordability, tourism and taxes. Toronto has already received more than 45 complaints related to short-term rentals to Municipal Licensing and Standards, and there are 25 open investigations at the moment, according to the city report.
Along with property damage, the business is cutting Toronto’s stock of licensed hotels by putting 10,000 additional accommodations into the city. The Toronto report comes only one month after Vancouver announced it would begin to regulate short-term rentals. New York is also considering a state bill to regulate the service.
What do you think of the consideration?
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