A Look At Chicago's Proposal To Regulate Short-Term Rentals
CHICAGO (AP) — Chicago aldermen are expected to discuss a reconfigured plan to regulate short-term rentals through companies like Airbnb, as several other big cities have done. The City Council could vote on the proposal Wednesday.
Here are the highlights:
—Companies would have to pay a $60 per unit listing fee, which is on top of the $10,000 annual license fee. The new listing fee is expected to generate over $200,000 annually to help pay for enforcing the ordinance.
—A 24-hour complaints hotline would be created.
—Companies would have to share data on renters twice a month. A previous version would have required monthly sharing with the city.
—A "prohibited buildings list" would list buildings of five or more units where the homeowner association has banned short-term rentals. The city would use the list to screen units and take action against rule breakers.
—A 4 percent surcharge would be applied to rentals for homeless services. It is expected to raise roughly $2 million.
—Short-term rentals in a building would be limited to either six units or 25 percent of the total number of units, whichever is less.
—A previous sticking point has been removed that would have required the owners of single-family homes to be present during a rental.
The Associated Press contributed to this report.