2023-01-25 18:00:20

Are New Rental Laws Hurting Your Side Hustle? Here Are 3 Ways to Make Up Lost Income

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By The Motley Fool

Image source: Getty Images

Airbnb is the leader in short-term housing rentals. And back in 2008, when the company first got off the ground, it was all rainbows and unicorns. If city leaders were concerned about what would happen if the industry grew too large, they didn't complain. After all, short-term rentals give tourists a place to stay when they visit a new city.

The rumbling of concern did not become loud enough to be picked up by the media for several years. By 2016, cities across the globe were actively looking for ways to rein in short-term rentals. The problems were plentiful -- from a lack of safety and security regulations to local residents angry that their neighborhoods have been turned into quasi-hotel districts.

If you're an Airbnb host who counts on short-term rentals to supplement your income, you may find yourself caught up in the new laws impacting hosts worldwide.

A growing concern

Apart from issues of taxation, noise, and safety regulations, cities are concerned with the number of housing units purchased by individuals and investment firms for use as short-term rentals.

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