Short-term vacation rentals on O'ahu like Airbnb could soon be regulated.

A City Council committee moved a bill forward Monday that would cap the amount of residents allowed to rent out rooms on their properties to 4,000 units on Oahu.

According to the City Council, there's an estimated 8,000 to 10,000 short term rental units being advertised on the island at any given time.

The bill would also eliminate short term rentals altogether on investment properties.

The bill would require to list their city permit number on all forms of advertisement. A City Councilmember tells KITV if the City were to see an ad for a local Airbnb without a permit number, the bill would allow the city to subpeona records from online vacation rental companies including AirBnB to find out who is behind the ad.

According to the bill, anyone caught without a permit would face fines of $10,000 per day for a first offense.

Opponents of the measure argue investors who rent their properties short term help boost tourism and business in the state, while supporters say investors need to go elsewhere. 

"We're forcing our future generations out and we're trying to bring people with money in," Chester Corpuz, a hotel worker said. 

"It would essentially kill off the short term rental market," North Shore resident Mike Dixon said. 

The Hawaii Tourism Authority says about 1 in 4 homes on Oahu's North Shore are used as short term vacation rentals.

A 2018 report from the Hawaii Appleseed Center stated more than 80-percent of short term vacation rentals in Hawaii are not owner occupied.

Bill 89 is now up for second reading at the City Council.