Below, we've created 12 bullet points regarding the new proposed SF legislation (the new law would do the following):
1. Allow short-term rentals only in apartments where someone lives 75 percent of the year (which will effectively ban a unit from becoming a full-time vacation rental).
2. It would require anyone renting out their place to pay hotel taxes
3. It would require anyone renting out their place to hold liability insurance
4. It would require anyone renting out their place to register with the city every two years.
5. The registration requirements: You will only have to register if you have a two-unit and larger buildings.
6. You will not have to register if you're renting out a single-family home. These were already exempt from the short-term rental ban but are barred under city code from commercial purposes.
7. These "hosting platforms" (airbnb, vrbo, flipkey) will have to tell users of city laws and to collect and remit the city's 14 percent hotel tax.
8. To benefit the property owners, the proposal specifically states that the new law won't override lease agreements
9. To benefit the property owners, the proposal specifically states that in the new law, rent-control limits still apply to short-term rentals.
10. If people fail to play by the rules and are reported to the city, the proposal would force websites to ban those renters.
Eviction Options for Landlords: (Currently)
11. Currently, property owners can either move to:
a. boot out tenants because they violated their lease - a longer process that allows a renter to first try to fix the problem - or
b. kick them out for being in violation of the city's short-term rental law.
Eviction Options for Landlords (Proposed)
12. New legislation would eliminate that second option, which can result in a swifter eviction process.
For more information or more exact language that you can rely on for tax and accounting purposes, please contact us at firstname.lastname@example.org and let us know you'd like additional guidance. You can also see our vacation home tax page and services here and here.
If you liked this article and would like to see more, please signup below. Or just like us on facebook here, of course sharing it too would be really awesome.