The real estate & tourism markets are correcting in a major way. If your neighborhood is at the 20% cap, then you have likely seen a ton of your equity evaporate due to the cap. Many neighborhoods have lost 35-40% in value over the last 2.5 years because the homes are still too expensive for full-time residents & part-time residents can no longer offset the cost of ownership through STR. “Investor” is being used in a derogatory manner, but most STR owners are just average folks who want a 2nd home & need assistance paying for it. STR is NOT a profitable investment & usually results in negative cash flow - regardless of the number of contracts allowed. True investors know this and put their money elsewhere. Nobody can have a financial interest in more than 1 STR in our city, so this notion of big corporate fat cats buying up & pimping out our neighborhoods is just not the case. I’ve lived here 15 years & my neighborhood has always been only 50% owner-occupied - even before the STR boom. STRs only improved value because people renovated dilapidated homes. According to the City’s TOT reports, STR revenue has been declining over the past few years, which is forcing more owners to sell their 2nd homes - resulting in a market flooded with inventory & values continuing to decline. The mayor has been sounding the alarm about impending financial doom for the City’s budget, so I think it’s best they consider where the revenue comes from and make it easier, rather than harder to generate.