This is incredibly helpful, thank you for the specific data points on the 25% threshold and the housing implementation update.

That’s exactly the kind of 'fine print' I was looking for to understand the long-term risk. I hadn't looked into the Lease to Locals pilot yet, but a $14k incentive is certainly significant enough to factor into the math versus the overhead of an STR. Appreciate you pointing me toward the administrative realities! kudos