CEO of leading tech trade association CES criticizes City Council for ban
In a recent Medium article, Gary Shapiro, CEO of CTATech (which produces CES), and author of Ninja Innovation and The Comeback called the San Diego City council out for its irrational basis for the recent ban:
“Proponents of the rule say tourism is the problem: Out-of-town investors buy up property and use it to make money for themselves, preventing locals from accessing affordable housing. But recent research tells a different story.
One study that looked at New York City — which has implemented similar rules — found it would take hundreds of days a year just to pay for the expenses of renting out a second home, and that most property owners rent out their properties only a few dozen days a year. The researchers’ conclusion? Using a second home as a short-term rental is not a viable business strategy as a primary source of income.”
Read the full article here.