By Lionel Emde
The San Francisco Chronicle reported July 2 that Airbnb pays more than $1 million a month in tax revenue to the City and County of San Francisco. This stunning revelation is a tribute to the efforts of S.F. city officials who have, despite the fast pace of change, reacted to this new way for homeowners and landlords to make money.
According to Airbnb's website, Pacifica has (at this writing) 66 rentals at an average cost of $171 per night. If rentals were assessed at 10 percent tax (close to the hotel tax), revenues would be about $1,128 per night for the city. On a yearly basis, this would be about $411,000. There would also be revenue from licenses to legitimize these businesses.
A featured listing is one on Talbot Avenue, a house I have seen and been in years ago. It is listed at $350 per night, with an 18-night stay minimum, and a monthly rent of $7,500. The view is fantastic, as is the rent. Is this not a business? The agent listing the property mentions many other properties available for rent.
San Francisco has done much of the preliminary legal work and law-building here. Why wouldn't this be a project for our City Council?