Hi Buzz - In an effort to control short term rentals in residential neighborhoods, the city passed an ordinance regulating such use. Basically, the owner of a residence cannot use that home as a rental for less than 30 days to any one person without first obtaining a short-term rental permit. Such permit allows no more than one rental per 7 contiguous days (so, for instance, the home could not be rented out for a weekend to one couple, and then for a night to someone else - 7 days must elapse before renting to a separate renter. Also, you are not allowed more than 17 rental periods in any one year. The aim of this ordinance was to keep our neighborhoods neighborhoods, and not have them become areas of transient dwellers.
The number of short-term rental permits is limited to 350. The permits are good for one-year. For a residence the cost is $350 per year. Existing permits are not transferable, but a new owner can apply to the city for a new permit in their name showing the former owner's permit - I believe as long as the application is made within within 30 days or sale, the city will grant the request (but check to make sure).
As of a couple of weeks ago I heard that all the 350 slots were taken, so someone requesting a new permit will have to be put on a waiting list; there were fewer than 10 on that list at that time.
If I can answer any other questions, or help you find an investment property (if that's your aim), please contact me.