The NSW Government’s failure to propose a regulatory framework for short-term holiday letting is a missed opportunity to strike a balance between the rights of individuals to make decisions about the use of their property and the responsibility property owners bear to the broader community as a consequence of becoming part of the wider visitor economy, according to the Sydney Business Chamber.
 
“No one thought that creating the regulatory framework would be easy, as there is a challenge for governments in framing rules that support the opportunities from a digital economy at the same time as supporting the traditional bricks-and-mortar facilities in which millions of dollars have been invested,” said Patricia Forsythe, Executive Director of the Sydney Business Chamber.
 
“Doing nothing can never be an option,” Mrs Forsythe said.
 
“While the Government has been consulting stakeholders and reviewing its options, the community has embraced the concept of short-term letting either as hosts or guests and it is very clear that short-term letting has become a significant economic driver for NSW.
 
“Based on 2017 figures, it is estimated Airbnb guests contributed $987 million to New South Wales’ gross state product and helped support more than 7300 full time jobs.
 
“During periods of high tourism demand such as New Year or other major events for which Sydney is famous, short-term holiday letting is playing a vital role in ensuring that those people who want to visit Sydney are able to find accommodation.
 
“The genie is well and truly out of the bottle on the use of private accommodation for short-term rental, and creating a regulatory framework that allows it to succeed has to be the responsibility of the Government.
 
“It makes sense that this positive economic activity be supported with a regulatory framework that allows it to grow.
 
“The Government must acknowledge that short-term letting is now an established part of the visitor economy and not put the tough decisions off to a date in the future,” Mrs Forsythe said.