Regulation of Short-term Rentals

Objective: Regulation of short-term rentals to stabilize the housing market for local residents

The citizens of Puerto Rico (PR) need and deserve affordable housing. The housing market must be stabilized to achieve that. Unregulated short-term rentals (for example, AirBnB) have been disastrous to local communities all around the world, and especially in PR. Short-term rentals disrupt the housing marking by artificially inflating housing prices and incentivizing people to buy up housing to use as a source of income rather than using it as housing. This practice is incompatible with housing being both an absolute necessity and basic human right.

Of course people want to visit PR. It is one of the most beautiful places on Earth! However, tourism must occur at the consent and benefit of local communities, not to their detriment. Puerto Ricans are what make PR the island of enchantment. So let's build a PR that works for Puerto Ricans.

Short-term rentals can no longer profit unregulated at the expense of communities. Short-term rentals need to be regulated as businesses, through regulations such as:

• Banning short-term rentals unless the primary homeowner is present in the housing unit

  • • e.g. only spare rooms can be rented out, not entire housing units

• Mandatory registration with an annual registration fee

  • • Revenue generated from registration fees would directly fund local affordable housing programs

    • The permits granted to operate short-term rentals could be limited to 10% of housing units in each municipality

• Taxing income from short-term rentals as business income

Major cities around the world, including New York City, have successfully enacted regulations like these to combat the negative impacts of short-term rentals on local communities.