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4; Potential Impacts of Short Term Rentals <br />The City of New Orleans issue d:an exhaustive study on short terra rentals in January 2016. This study <br />provides excellent backS round on the ben etits:associated with and negative Impacts of,.shortterin <br />rentals. These are importantforSaint Paul to. be aware of as it considers whether and how to regulate <br />shortterm rentals. The OtVof New.OrleansShort Term RentoISfurly addresses the issues raised in the <br />Saint..Paul City Councift..resolution requesting this study, The study discusses at length the benefits and <br />.negativeeffects associated with short term rentals. Below is a summary of the:.benefits and negative <br />impacts discussed the study. <br />The benefits associated:with shortterm rentals are: <br />Short term rentals are part of the rapidly growing sharing economy <br />They provide additional incorne for hosts and individuals that support short. term .rentaIs <br />- Short term rentals support the tourism economy and provide a significant financial beriefit to. <br />the region <br />There is potential for the City to earn additional income through taxes.and fees <br />Short term rentals help reduce blight, activate neighborhoods, and support local businesses <br />- The negative impacts.on.neighborhood quality of.life.and afFord.able:housing are.over stated as <br />most operators are good managers <br />The negative impacts associated with short term :rentals are: <br />Short term rentais. are a commercia.l.enc.roachment.in residential neighborhoods <br />Short term rentals reduce neighborhood. quality of life due to late night activity, noise, crime, <br />litter, property damage, fire danger, loltering,. and reducers on -street parking: <br />- Short term. rentals resuItIn a reduction in long-term residents.which changes the character of <br />neighborhoods, especially in neighborhoods with the. highest conce.ntration of short term <br />rentals <br />- 5hort. term rentals. reduce the number of affordable housing ufi its in a city <br />Short term rentals. havean unfair competitive advantage -from hotels, bed and breakfasts, and <br />legal short term renta Is. they.are not lice nsed,.do not pay taxes, are not held to the <br />'same safety requirements, and have lower capital. and operating casts <br />E <br />