The San Francisco Board of Supervisors on Tuesday voted to formalize short-term rentals like Airbnb. It’s good news for property owners who’ve been benefitting from the new business model, but it’s not without restrictions. For instance, the city has a time limit on rentals — it’s illegal to rent a residence for fewer than thirty days — which the free-form status quo has been flouting. Under the new law, hosts will be able to rent for smaller time periods, but they also have to register, pay taxes and rent for no longer than 90 days total per year. In a statement, Airbnb called the legislation “a great victory.”
This article originally appeared on Recode.net.
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