After my last letter to the editor, I’ve enjoyed reading replies. Moreover, I’ve enjoyed overhearing conversations at local coffee shops and am happy to have fostered discussion.
I want to start by offering a link to legislation proposal currently being debated in Toronto (released Nov. 7): http://www.toronto.ca/legdocs/mmis/2017/ls/bgrd/backgroundfile-108682.pdf.
What’s important here is that:
1) You need a lisence. Lisence fee of $5,000.
2) You are limited to a maximum 180 days per year of short term rentals.
3) Must be your principal residence (I would suggest adapt to include secondary residence for non-local weekend warriors or seasonal residents).
4) Huge fines for breaking the rules
5) Short term rental taxation
6) Complaint hotlines, etc. process to mitigate against noise.
It must be noted that provisions allow for the community to:
1) monetize the service
2) Provide a framework for complaints
3) Not remove units from long term rental pool
The only issue not discussed is parking. However, a parking problem requires a parking solution (such as parking zones and tags). Renting out bedrooms to families with cars is no different than having a house full of teenagers with cars.
In a time when the town is looking for revenue, there is a huge source of untapped taxation – for which those being taxed would not complain at all.