by Avi Sinai, principal of HM Capital

Last month Santa Monica City Council announced that it is considering stricter regulations against ‘medium-term rentals.’ This is just one decision in a long list of problematic solutions that don’t address the root of the city’s severe housing shortage.

Medium-term rentals (also known as ‘corporate housing’) are residential term leases that are longer than 30 days but shorter than 1 year. These lease structures become increasingly popular due to the popularity of platforms like Airbnb and millennials’ desire to stay flexible. So if landlords are happy with the higher rents, and renters are happy to pay for flexibility, why is Santa Monica city council taking action? City officials and renter rights advocates argue that corporate housing is taking the place of long term housing units in a city that is already in a deep shortage of affordable housing.

Read More: https://smmirror.com/2019/01/column-regulating-medium-term-rentals/