New Regulations To Wipe Out 80% Of Airbnb Rentals In California’s Santa Monica

The Los Angeles suburb of Santa Monica has instituted the nation’s toughest regulations on short-term rentals like Airbnb. Starting today, hosts will have to live on the property during the renter’s stay, register for a business license and collect the city’s 14 percent occupancy tax.

The city estimates that this will shut down about 1,400 of the 1,700 short-term rental listings – about 80 percent – in this upscale beach town and major tourist destination, population about 92,500.

Read the rest of the story on my Forbes Seat 1A site.