Which city passed new short term rental rules? Chicago
What was said the councilmembers?
- This is about a new economy.
- Chicago is racing to keep up with new economic drivers.
- “This is the ‘Jetsons.’ We’re not going back to the ‘Flintstones,'”- Alderman Moreno
How are the new regulations described? “Dizzyingly complex”
What are 5 regulatory highlights?
- Different types of residences are regulated differently
- a building with 5 residences, only 1 can be used for short term rental at a time
- larger buildings are capped at 6 or 25% of the units, whichever is smaller
- Precinct by precinct initiative and referendum permited to allow an alderman to amend the local code for the precinct
- local areas can choose to either:
- outlaw new listings
- allow new listings only in the “primary residences”
- local areas can choose to either:
- 4% tax to fund homeless services
- $60 ad fee for each online posting of a short term rental
- $10,000 local license for the short term rental hosting service
Chicago Tribune | Airbnb rules easily pass Chicago City Council despite vocal opposition