Does this disproportionately help students and harm long term residents?
There is a possibility that, in the short term, some landlords will favor renters who are transient and will therefore ensure frequent vacancies, allowing rents to be regularly raised to their full market value. This is an issue that can only be addressed through stricter regulation of short-term rentals by local government, as well as negotiations with UCSC to construct additional housing for their ever-expanding student population. However, this problem could be resolved if CA Proposition 10 passes this November, repealing the Costa-Hawkins Act. This would legalize vacancy control, in which case vacated rentals would continue to be subject to the price controls that were set during the previous lease, which would do even more to stabilize rents across the entire rental market.