It’s time to acknowledge the financial harm whole-home short-term rentals inflict on our city. As rental prices skyrocket, long-term residents are pushed out, increasing homelessness — yet investors in these short-term rentals rentals continue to reap substantial profits. Taxpayers currently bear the burden of funding housing solutions, such as the $46.9 million spent by the San Diego Housing Commission to create 850 units for the homeless.
Meanwhile, short-term rental investors enjoy unchecked financial gain. To restore fairness, the city should impose an additional tax on whole-home short-term rental businesses. This revenue should be used to rehousing displaced families, ensuring that those profiting contribute to solving the problem they’ve helped create. It’s time for policy to prioritize residents over rental investors.
— Gary Wonacott, San Diego
