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The Finance Committee broke with the Planning Board Friday, voting unanimously to oppose Planning Board chair Dave Iverson’s short-term rental (STR) regulation proposal and 4-3 to endorse Brian Borgeson’s alternative citizen warrant article.

Every member of the Finance Committee who voted on Friday felt that Iverson’s article was too restrictive given the existing economic analysis.

“No dynamic economic impact assessment has been conducted to evaluate potential effects on local GDP, employment, housing availability, or municipal revenue,” chair Jill Veith said. “Implementing such limitations without rigorous data monitoring presents a high degree of economic uncertainty and risk to the island’s overall financial health.”

Finance Director Brian Turbitt estimates that Iverson’s article could cost the island around $2.5 million in tax revenue per year.

“There’s not a lot of opportunity to make it up,” Turbitt said. “I don’t believe we would be able to make up all of this revenue on a dollar-for-dollar basis, so what is the other option that we have to ensure financial stability and a balanced budget, which we have to have? It likely is going to need to be some substantial cuts to the services that all of us as residents, businesses and visitors expect when they’re here.”

“I don’t necessarily agree with his numbers,” Iverson said. “The impact we’re looking at is probably more than one million but less than two…to put the rental business into a linear equation, like Brian [Turbitt] has—but Brian [Turbitt] has no choice, that’s how he has to do it, so I get it—I think does not really give us an accurate picture of what will happen.”