Frankly - after seeing how feebly the City has responded to Uber - I'm pleasantly surprised at this proposal.  It actually makes good sense.
But this is only the first step in controlling unrestricted short-term rentals: We have seen (in Australia and other places) what powerful lobbying, PR and financial resources Airbnb (a $50-billion corporation) is prepared to bring to sway individual city councillors' votes.  So I'm hoping everyone remains vigilant to make sure this bylaw doesn't get watered down in the months to come.