The City of London suggests hosts renting their apartments or houses should be licensed through city hall — the same for the rental platforms themselves — and appoint a local contact person for emergencies.
Renting homes and rooms through AirBnb has been financially beneficial to the hosts and their guests. City statistics show Airbnb hosts in London earned $7.7 million from their rentals last year. However, the City of London’s decision to license hosts would see fees trickle down to their renters. As per an AirBnb host quoted in the article, she views the proposed regulations as little more than a “tax grab” from city hall, as there are already avenues to crack down on “problem properties”.If hosts are required to register with city hall, they could be hit with the four per cent tax that’s been added to hotel and motel bills since 2018.
As per myself, a successful Air Bnb host and also quoted in the article, feel that the ratio of problems to rental stays is very low in London and I believe that the added bylaws are enough to tackle any possible rental issues.
So the question is, should short-term rentals be over-regulated, or will over-regulation ruin a good thing?
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