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Committee asks staff to study incentives to convert short-term rentals to long-term leases; returns item to July
Summary
Committee discussed a 'lease to locals' incentive program for landlords to convert short-term rental units to long-term leases, directed staff to investigate funding sources (including CRA funds and grants), and continued the item to July for more analysis.
Commissioners on May 26 discussed a proposed financial-incentive program to encourage conversion of short-term rental units to long-term leases. The idea — sometimes called a 'lease to locals' program — aims to increase the local supply of long-term housing without relying solely on new construction.
Tom told the committee that consultants and the housing director thought the concept had mixed fit for Miami Beach because of budget constraints and state preemption around short-term-rental regulation. He recommended the administration explore dedicated funding streams, including potential Community Redevelopment Area (CRA) revenues, federal or philanthropic grants, and other options and return in July with preliminary feasibility findings.
The committee instructed staff to consult economic development and housing colleagues and to return with an assessment at the July meeting. No formal vote on program creation occurred; the committee continued the discussion to allow staff time to evaluate funding sources and pilot options.
