Daily Business Report-Oct. 20, 2017
Banner on a San Diego fence gives an opposing view on short-term rentals.
Report: Short-Term Rentals Provide
Significant Economic Benefit to San Diego
Dozens of community leaders, business owners, and hosts were on hand Thursday at the Hillcrest Brewing Co. to urge the City Council to adopt fair and sensible regulations on short-term rentals. The group released a recently completed report on the economic benefits of short-term rentals to the city of San Diego and the region.
The study, commissioned by HomeAway/Expedia and conducted by local economist and real estate expert Alan Nevin of XPERA Group, found the overall economic impact of short-term rentals to San Diego was $481.8 million. This includes direct spending by visitors staying in short-term rentals of $287 million, as well as indirect and induced expenditures of $194.2 million.
“This reports confirms that short-term rentals provide the local economy with a tremendous economic boost and create thousands of jobs for local residents,” said Jonah Mechanic, president of Share San Diego, a coalition of local property owners, hosts and property management companies that advocates for common sense regulations of short-term rentals.
Short-term rentals will deliver more than $19 million this year to the city of San Diego’s general fund via the Transient Occupancy Tax, and short-term rentals will generate an estimated $700,000 in sales tax. In addition, the industry creates an estimated 3,100 jobs, according to the study.
The report estimates that dedicated, whole-home short-term rentals account for less than one percent (5,138) of the total available housing (712,378) in San Diego. The study also analyzes the economics of renting a unit long-term vs. short term, concluding the far higher costs of operating a short-term rental significantly diminish the financial benefits to owners of renting short-term vs. long-term.
“Based on our analysis, short-term lodging has little to no impact on the availability of all housing in the city of San Diego,” said Nevin, who is the director of economic and market research for XPERA Group. “Our research finds that less than one percent of all housing in the city is being used for whole home rentals today.”
SDSU West Celebrates Launch
of Signature-Gathering Campaign
Friends of SDSU, which launched the SDSU West Campus Research Center, Stadium, and River Park Initiative (SDSU West) in September, has announced the initiation of signature gathering efforts to qualify the measure for a 2018 ballot.
“Since our announcement of the initiative, we’ve had an overwhelming show support from San Diegans who are ready to make SDSU West a reality for the university, our city and our region,” said Friends of SDSU steering committee member Kim Kilkenny. “Every milestone takes us one step closer toward our goal of transforming the existing stadium site into a vibrant mixed-use campus village and innovation center that increases long-term collaboration between education, athletics, research, entrepreneurship and high-tech business.”
Signature gathering efforts will launch Saturday at prominent locations across the city of San Diego. Nearly 75 signature gatherers will be available at grocery stores and other locations to share information on the initiative and solicit signatures from voters registered in the city. The SDSU West initiative has a goal of securing more than 71,000 valid signatures before the end of December 2017 to qualify the initiative for a 2018 ballot.
The signature gathering launch coincides with SDSU homecoming weekend, which culminates with a Saturday night football game at the SDCCU Stadium.
UC San Diego Plays Key Role
in San Diego Innovation Council
UC San Diego is playing a key role in bringing together the region’s premier research institutions with other innovation-related organizations to form the San Diego Innovation Councl, a new group designed to promote commercialization of local innovations, investment and new company formation in the region.
“The council provides a unique forum for academic researchers and others to regularly meet with investors and companies to bring their inventions to commercial development,” said Paul Roben, Associate Vice Chancellor for the Office of Innovation and Commercialization, a part of the campus’ Office of Research Affairs. “Those interactions should accelerate the flow of inventions to local companies and keep our regional economy strong.”
The council’s first event partnering event, an annual Innovation Showcase, takes place Oct. 26 at the Torrey Pines Hilton. It will bring representatives from 39 companies in San Diego and other parts of the United States together with scientists from eight major research institutions who have early-stage commercial concepts and are looking for investors and business partners.
“The council will help research institutions in San Diego work more closely with industry in the region to improve the pipeline of innovations from the laboratory to commercial development,” said Rubén Flores, director of commercialization for UC San Diego’s Office of Innovation and Commercialization, who was intimately involved in the formation of the San Diego Innovation Council.
Flores said the council grew from discussions last year with the commercialization directors at local research institutions and universities, but quickly grew to encompass other organizations that have a role in promoting innovation and commercialization activities in the San Diego region.
In addition to the council’s seven local research institutions—UC San Diego, San Diego State University, Salk Institute for Biological Studies, Sanford Burnham Prebys Medical Discovery Institute, SpaWar and the J. Craig Venter Institute—member organizations include BIOCOM, CleanTeach San Diego, Tech Coast Angels, San Diego Venture Group, Port of San Diego and EvoNexus.
3D Visual Tool Could be Effective
for Cystic Fibrosis and Other Conditions
University of California San Diego researchers have developed the first 3D spatial visualization tool for mapping “’omics” data onto whole organs. The tool helps researchers and clinicians understand the effects of chemicals, such as microbial metabolites and medications, on a diseased organ in the context of microbes that also inhabit the region. The work could advance targeted drug delivery for cystic fibrosis and other conditions where medications are unable to penetrate.
A team led by Pieter Dorrestein, PhD, professor in the Skaggs School of Pharmacy and Pharmaceutical Sciences at University of California San Diego and a leadership team member in the UC San Diego Center for Microbiome Innovation, published the study October 19 in Cell Host & Microbe.
Scripps Physician Leader Receives
M. Jonathan Worsey, M.D., Scripps Health medical director of value analysis, has been recognized for his work on supply chain initiatives by Healthcare Purchasing News, the nation’s only comprehensive business news magazine dedicated to health-care supply chain management.
The publication recently presented one of its annual PURE Awards to Worsey, who is a board-certified colorectal surgeon on staff at Scripps Memorial Hospital La Jolla. PURE stands for Physicians Understanding, Respecting and Engaging supply chain.
The award recognizes physicians who have made significant contributions to supply chain operations through their activities, practices and thinking, according to the magazine. The recognition focuses on physicians who have become supply chain advocates at their organizations and solidified the bonds between clinicians and supply chain professionals.