The San Francisco Board of Supervisors has voted to formalize regulations around short-term rental schemes, like those made possible by Airbnb—though it's not without its caveats.

In the past, it's been illegal to rent out a residence for fewer than 30 days in San Francisco. The vote, which took place yesterday, changes that. Now, hosts who are permanent residents in a property can rent out rooms—but they have to register with the city, pay hotel taxes, and rent for no more than 90 days per year.

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The board claims that the decision is a balance, intended to preserve affordable housing while allowing residents to earn extra income. Whether it will hit that particular sweet spot remains to be seen.

The new regulations will take effect next year, most likely in February. Airbnb has referred to it, unsurprisingly, as "a great victory." [SFGate via Re/code]