Short term rental by-law comment

I don’t know if this really solves the problem of short-term rentals in CT. My understanding of the Airbnb problem in CT is that there are 3 or 4 companies that own about 80% of the short-term rentals in CT. These companies buy up whole apartment blocks solely to rent out on a short term basis thus driving the housing crisis in Cape Town. Making them pay commercial rates is barely a ripple in their overall profit. The city gets more money, yes, but crisis isn’t dealt with. However, this by-law negatively impacts those young people and couples who are trying to enter the property market, who buy a flat to rent out so that they can pay off their home loan and pay for their own rent whilst slowly building savings. Now these individuals are forced to pay commercial rates? Cutting significantly into their own income? It doesn’t make sense.

I personally think a more effective way of handling this is to put a cap on the number of short-term rentals people and COMPANIES can own or to say to companies who own a ridiculous number of properties that they can only have 1 short term rental for every 5 long term rentals . I think this approach actually deals with the problem instead of just making money for the city.