City review of short-term-rental revenue shows $1M unexpended; council debates use for staff vs. housing acquisitions

Finance Director Jessica Riether presented a detailed accounting of short-term-rental (STR) transient-occupancy-tax revenue allocated to the City of Seaside’s affordable housing program and described how funds have been used since the program’s 2019–20 start.

Riether reported that the STR program has generated an average annual allocation near $400,000, that 50% of STR net TOT is set aside for the housing fund by municipal code, and that cumulative STR allocations to the affordable housing program total about $1.9 million since inception. Of the amounts allocated to the housing program’s operating fund (the fund that pays staff and program administration), cumulative expenditures were roughly $986,000 and the projected unexpended fund balance at the end of FY 2024–25 is about $1,000,000.

Riether said grant revenues reimburse much…