Identification and Mitigation of the Effects of Short Term Rentals on West Hollywood's Residents, and Housing and Hospitality Markets

Download or read book Identification and Mitigation of the Effects of Short Term Rentals on West Hollywood's Residents, and Housing and Hospitality Markets written by Daniel Mick and published by . This book was released on 2019 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning in the mid-2000s, a new economic model began to emerge where transactions for good and services take place largely online and allow a decentralized peer-to-peer marketplace. This new Sharing Economy has disrupted countless traditional industries and has challenged businesses and governments to decide how best to respond. Short-term rentals are one of the most well-known and controversial industries of the sharing economy. Short-term rental users connect with each other online for the purpose of renting all or a portion of a dwelling unit for short periods of time, generally fewer than 30 days. In many parts of the country, this activity is unlawful as it creates de facto hotels in residentially zoned communities. This activity is often associated with a drop in the availability of housing, a rise in housing prices, negative impacts on the traditional hospitality industry, and disruptions to the quality-of-life of the permanent residents that live nearby these units. The challenge for cities is how to properly regulate this activity to minimize the negative consequences while allowing residents to take advantage of the benefits that come with short-term rentals. West Hollywood is a small city in the Greater Los Angeles Metropolitan Area that has seen a sharp rise in the number of short-term rentals operating within and around its borders. This research proposal provides a brief background on housing and the sharing economy and reviews the actual effects that short-term rentals have had on West Hollywood's hospitality and long-term housing markets. It also suggests a method by which the West Hollywood City Council can survey its residents to gain insight into how the community actually feels about short-term rentals. This information will provide critical data that allows policies to be created that address the specific wishes of the community, rather than just addressing the concerns of the most vocal and passionate constituents.