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example, Professor David Wachsmuth at McGill University estimates that STRs have raised <br />rents for the average renter by $810 per year in the City of Los Angeles.' Furthermore, an article <br />by Luisa Godinez-Puig and Jorge Gonzalez-Hermoso highlights the clear equity concern <br />associated with rising rents, as Black and Latinx residents are more likely to rent than own.4 <br />According to the City of Santa Ana General Plan Housing Element 2021-2029, a majority of <br />households are renter occupied, and almost half (48%) of all households spend more than 30% of <br />their income on housings costs and thus are considered cost burdened.' In addition, according to <br />the National Low Income Housing Coalition, the fair market rent for a two -bedroom home is <br />$2,100, meaning a household would have to earn more than $40/hour to afford to house their <br />family.' <br />There is no doubt that residents in Santa Ana continue to face high housing costs. However, <br />recent research indicates that regulating ordinances work and help decrease rental costs. <br />According to the Real Estate Economics Journal, after the City of Irvine passed and enforced <br />their STR regulations, rental prices decreased 3% across all residential zones.' A ban on <br />short-term rentals can help address the affordability of Orange County housing, including the <br />City of Santa Ana. <br />For these reasons, Chispa requests the City Council approve both ordinances with no <br />amendments or carveouts to safeguard even more homes from turning into short-term rentals. <br />Should you have any questions, please contact Bulmaro Vicente at boomer@chispaoc.org <br />Sincerely, <br />Bulmaro Vicente <br />Political and Policy Director <br />ua/i;uu�r�u u6u„a�un/u6u a u;un �a� a u,u„n a ,022/��la„uc hs nuuf:6,;h L A 20 �,� spill' <br />s According to the City of Santa Ana General Plan Housing Element, in 2018 53.8% of households were renter <br />occupied, while 46.1% were owner occupied, <br />nOfi . ....... <br />� co nu/v a �� c u un1��:uc ��n a ?:u,pu"l �n00�.� a // u0anur,u,��n 3 a�a�i��n a �u:u �„da�unu/ �u"a�u,uni� ,t� u, uun0mu uun u, ahjuF2�i2ad a/, 022/0 <br />/i➢9�Ur���uunm ;.1� anon unQ aIli1............�:a'inu��n <br />'Data for zip code 92701, 100 �p //nnI'l, llnn a�u � a�s�u/i n„`,?nod 92 01 <br />' 5 inlg,� 1111Z] 54062,2,9�12440 <br />