The Tribunal ruled that:
- Short term rentals mean renting the property on a daily or weekly basis.
- Short-term stays now cannot exceed beyond 180 days a year.
- Individual rooms in the owner’s home are exempted from the above restrictions.
The Arguments and the Counter
One of the arguments against the regulation was that short-term rentals, mostly Airbnb hosts, cover a gap that city hotels aren’t able to fill.:
For a city that is facing a severe supply crisis of rental properties, the ruling by the Tribunal has come as a balming relief.
The people are now concerned about:
- How the ruling will be affected? • Will there be a new department or board created to implement and manage it?
- Will they have to pay more taxes to raise the new department?
- Will there be heavy fines on those caught flaunting the rules?
- Will the board rely solely on complaints received?
- Will the Airbnb barons follow the laid out regulations or will they find a way around it?It will take some time for the changes to become visible. Till then, let us keep our fingers crossed!