As a property manager, I understand how far reaching the revenues from short-term rentals extend. It’s estimated that for every $1 spent on a rental, $2 are spent in local businesses (and these renters stay longer than hotel guests). STRs (short-term rentals) fund a whole constellation of jobs for housecleaners, contractors, plumbers, electricians and many more.
STR visitors populate local restaurants and shops, contributing to the current vibrancy/economic health of Pacific Grove. And perhaps most significantly, the transient occupancy tax (TOT) funds a significant part of the city budget, so it is fiscally irresponsible for anyone to suggest that the program be terminated without simultaneously offering a solution for the loss of revenue.
How would the city cope with this shortfall? TOT is the county’s top revenue source behind property tax, thus helping to pave our roads and provide fire, police and medical services. Which city services would be cut to offset this huge loss? And how would the city enforce this ban — where would the staff come from, and how would they be paid?
Vacation rentals aren’t going away — they are one of the fastest-growing […]