People who bought condos in certain resort-designated areas of sa国际传媒 should once again have the right to rent them out to tourists, NDP candidate for sa国际传媒-Centre Loyal Wooldridge says.听
The owners of about 700 units in buildings near Waterfront Park and near the lakeshore in the Lower Mission lost the right to do so under legislation recently enacted by the NDP government.听
But Wooldridge, in his first campaign press release since taking a leave of absence from his duties as a city councillor, said the regulations should be modified.听
鈥淲e need balance when it comes to short-term regulation, particularly in respect to the resort nature of our community, while addressing long-term housing affordability,鈥 he said. 鈥淚tsa国际传媒 this balance that I will advocate for as the future MLA for sa国际传媒 Centre.鈥
The city created tourist-commercial zones more than 25 years ago. As in other areas of sa国际传媒 and across sa国际传媒, property owners in these neighbourhoods could for many years either rent out their units on a long- or short-term basis, or live in them themselves.听
Restrictions against short-term rentals, with the units typically advertised through online platforms such as Airbnb, became progressively tighter in recent years. The main rationale was the practice removed from the market homes that would otherwise be available to long-term residents.听
Earlier this year, the NDP tightened the rules even further. Now, short-term rentals can only be offered in a hostsa国际传媒 principal residence, effectively eliminating the practice of buying secondary properties with the specific purpose of renting them out to tourists.听
The NDP also removed this right from areas where it had previously existed, such as the tourist-designated areas of sa国际传媒, if the apartment vacancy rate in a community exceeded three per cent.听
Because the vacancy rate is currently below that in sa国际传媒, short-term rentals cannot be offered in such buildings as Waterscapes, Playa del Sol, and the large Aqua project now under construction on Lakeshore Road.听
However, the prohibition is not only due to the current provincial regulations.听
sa国际传媒 city council voted in January of this year not to accept any more short-term rental applications, no matter where the property is located, or whether it is an ownersa国际传媒 primary or secondary property, effectively capping the number at the current mark of about 500.听
Wooldridge could not vote on that proposal because at the time he owned a short-term rental and declared a conflict of interest.听
It's a different situation in West sa国际传媒, because the apartment vacancy rate is above the three per cent threshold. As a result, owners of condos such as the Cove, Barona Beach Estates, and Casa Loma and other buildings in tourist-commercial zones can continue to rent out their suites to tourists.听
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