Airbnb short-term vacation rentals are taking over Sedona, Ariz., and residents are not pleased about it. In Sedona, 20% of the housing inventory is being offered on Airbnb.
Unlike recent moves by larger cities to limit Airbnbs, the state of Arizona has taken the opposite approach. It recently passed what’s known as “the Airbnb bill,” which was described as a way for homeowners to make extra money by renting out spare bedrooms in their homes.
Now, residents say the bill was too friendly toward short-term rentals and went too far by not capping the number of Airbnbs. Residents complain of investors swooping into neighborhoods and snatching up multiple homes that they can rent out to short-term renters. Residents argue that these vacation renters are driving up housing costs and changing neighborhood dynamics. An estimated 1,000 homes—or 20% of the city’s housing stock—is now being used as short-term vacation rentals, the Arizona Republic reports.