SB 267 — AN ACT REQUIRING A STUDY OF THE EFFECTS OF SHORT-TERM RENTALS ON THE HOUSING MARKET OF THE STATE.

Senate General Assembly RaisedFile Bill No.

26749 February Session, 2024 LCOSenate Bill No.

1895267 ReferredSenate, toMarch 19, 2024 The Committee on HOUSINGHousing Introducedreported by:through SEN.

(HSG)MOORE ANof ACTthe REQUIRING22nd ADist., STUDYChairperson OFof THEthe EFFECTSCommittee OFon SHORT-TERMthe RENTALSpart ONof THEthe HOUSINGSenate, MARKETthat OFthe THEbill STATE.ought to pass.

AN ACT REQUIRING A STUDY OF THE EFFECTS OF SHORT-TERM RENTALS ON THE HOUSING MARKET OF THE STATE.

The study shall include, but need not be limited to, an analysis of (1) the impact of short-term rentals on the availabilityandaffordabilityofdwellingunits,asdefinedinsection47a- 1 of the general statutes, or single-family homes, (2) the economic benefits or detriments of short-term rentals for communities in which such short-term rentals are located, (3) the extent to which short-term rentals may contribute to the displacement of any residents, and (4) any relevant data onthenumber anddistributionofanddistributionofshort-termrentalsinthe short-termrentalsinthe state.

Not later than January 1, 2025, the commissioner shall submit a report, in accordance with the provisions of section 11-4a of the general statutes, to the joint standing committee of the General Assembly havingSB267 cognizance/ ofFile matters relating to housing containing the LCO 1895 \\PRDFS1\SCOUSERS\FORZANOF\WS\2024SB-00267-R01 of 2 SB.docx Bill No.

26749 findings1 ofSB267 suchFile study.No.

49 having cognizance of matters relating to housing containing the findings of such study.

Section 1 from passage New section HSG Joint Favorable {\\PRDFS1\SCOUSERS\FORZANOF\WS\2024SB-00267-SB267 LCO/ 1895File R01-SB.docxNo. } 2 of 2

49 2 SB267 File No.

49 The following Fiscal Impact Statement and Bill Analysis are prepared for the benefit of the members of the General Assembly, solely for purposes of information, summarization and explanation and do not represent the intent of the General Assembly or either chamber thereof for any purpose.

In general, fiscal impacts are based upon a variety of informational sources, including the analyst’s professional knowledge.

Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.

OFA Fiscal Note State Impact:

Agency Affected Fund-Effect FY 25 $ FY 26 $ Department of Housing GF - Cost 50,000 - None 200,000 Note:

GF=General Fund Municipal Impact:

None Explanation The bill results in a one-time cost to the Department of Housing (DOH) in FY 25, estimated to be between $50,000 and $200,000, to conduct a study on the effects of short-term rentals and report on it by January 1, 2025.

DOH lacks the necessary expertise, data, and staff resources to complete the study internally.

It is anticipated that the agency will contract with one or more outside vendors for:

(1) expertise in economic analysis and (2) data on short-term rental properties.

The Out Years There is no fiscal impact in the out years.

Sources:

CTsource, Department of Administrative Services Procurement Portal SB267 / File No.

49 3 SB267 File No.

49 OLR Bill Analysis SB 267 AN ACT REQUIRING A STUDY OF THE EFFECTS OF SHORT-TERM RENTALS ON THE HOUSING MARKET OF THE STATE.

SUMMARY The Office of Legislative Research does not analyze Special Acts.

COMMITTEE ACTION Housing Committee Joint Favorable Yea 13 Nay 2 (03/07/2024) SB267 / File No.

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