FINANCIAL IMPACT
There are no financial impacts beyond what has already been approved in the current year's budget.
The Deputy City Manager & Chief Financial Officer has reviewed this report and agrees with the financial impact Information.
DECISION HISTORY
At its meeting of January 28, 2016, Executive Committee referred Item EXt 1.19 Regulating Temporary Accommodation Rentals to the Executive Director, ML&S, and the Chief Planner and Executive Director, City Planning. to provide an interim report in the third quarter of 2016 and a final report in 2017 on n3gulatIng temporary accommodation rentals. The dIredive requested the report address:
- An analysis of the current state of the temporary accommodation rental market in tho City of Toronto. including its growth over five years. the cost and geography of listings, a breakdown by service provider and unit type, and an analysis of listing landlords:
- A comparison of regulatory approaches in other jurisdictions regarding temporary accommodation rental;
- An investigation of the impacts of rentals on occurrences of sexual violence; working conditions for employees; vulnerable residents; the health and safety standards of rental buildings and renters; the total supply and cost of rental housing and property ownership; the economy;
- A review of provisions in the municipal code related to temporary accommodation rentals and options to regulate. restrict and/or prohibit temporary accommodation rentals through the zoning bylaw and/or licensing temporary accommodation rentals;
- Options to ensure payment of all applicable taxes and fees (local, provincial and federal) by temporary accommodation rental operators and platforms;
- A plan to consult with residents and industry stakeholders.
COMMENTS
There has been a significant rise in the number of people around the world and in Toronto reatimproparty or rooms in their homes for short periods. This growth has been driven by the ernSce of online platforms that host listings and facilitate bookings and payments. The largest of these platforms. Airbnb, offers listings In more than 190 countries and has booked more than 60 million guests. With this rise, Toronto residents have raised questions and concerns about whether short-term rentals are permitted in the City and whether short-term rentals should be subject to further