Aldermen consider lowering caps by attrition rather than immediate revocation

Board members discussed a strategy to reduce short-term rental totals by lowering caps and allowing existing permits to expire without immediate replacement rather than revoking valid permits. One alderman described the approach as "let it come down naturally, and just don't increase it" and suggested lowering citywide caps and managing the supply by attrition.

Staff and others noted legal counsel had previously advised that reducing caps is best implemented by lowering the cap and not replacing permits as they expire, rather than targeting existing permit holders. Members discussed possible timelines and the moratorium's role while the ordinance is refined.