The failure of many short-term rental hosts to pay hotel occupancy taxes likely will cost the City of San Antonio at least $2.4 million this year.
San Antonio City Council got its first collective look at rules proposed for short-term rentals Wednesday. For the most part, Council members didn’t like what they saw.
A local industry force has recommended that the San Antonio Convention and Visitors Bureau (CVB) become an independent organization so that San Antonio can be more competitive when vying with other cities for conventions and tourism dollars.
With surplus funds on the table, City Council unanimously approved several mid-year requests, including a one-time, $121,500 payment to San Antonio B-Cycle from the Hotel Occupancy Tax and Energy Efficiency funds.
With success comes regulation and Airbnb, the wildly popular “sharing economy” website that allows users to rent out portions of their home to adventuresome travelers, has had more than its share of success.
According to a new study, the annual economic impact of San Antonio’s hospitality industry, one of the local economy’s largest sectors, continues to increase from $8.1 billion in 2003 to $13.4 billion in 2013, a 66% increase.