Last night, the Santa Monica City Council banned most short-term rentals in a unanimous vote. That means no more renting out your house for the weekend, and no more taking apartments and flipping them into Airbnb rentals full-time. You can still rent a room in your house or apartment, but only if you’ll be on-site during the stay. Plus, you’ll have to get a special license and pay 14 percent tax on each stay. The Santa Monica regulations are the strictest in the region. We talk about Santa Monica’s decision and what it could mean for the bigger Airbnb picture.
Santa Monica Mostly Bans Airbnb
- Frank Gruber - Huffington Post
- Eric Sussman - Professor in accounting and real estate, UCLA’s Anderson School of Management