Senate Bill No. 267, identified as File No. 49, is a legislative proposal that mandates the Commissioner of Housing to conduct a study on the impact of short-term rentals on the housing market in the state. The study is to be comprehensive, covering aspects such as the effect of short-term rentals on the availability and affordability of housing units, the economic benefits or drawbacks for communities hosting such rentals, the potential displacement of residents, and data on the number and distribution of short-term rentals across the state. The findings of this study are to be reported to the joint standing committee of the General Assembly with jurisdiction over housing matters by January 1, 2025.

The fiscal impact statement attached to the bill indicates that the Department of Housing (DOH) will incur a one-time cost estimated between $50,000 and $200,000 in fiscal year 2025 to carry out the study, as the department lacks the internal resources, data, and expertise necessary. It is expected that the DOH will contract with external vendors for economic analysis expertise and data on short-term rental properties. There are no anticipated fiscal impacts beyond the initial study period. The bill has been reported favorably by the Housing Committee with a vote of 13 to 2.