As one of the biggest vacation spots on the planet, Hawaii's former Governor warning Honolulu is going the way of other top world cities like Barcelona and Amsterdam, being overrun by Airbnbs.

"We are on the edge of an explosion of illegal rentals that are going to take place if we allow this to go forward," former Governor Neil Abercrombie said.

The City Council has been working hard to create some kind of regulations on short term rentals because some argue they've gotten out of hand, spilling into neighborhoods and taking away housing that could go to locals. 

"We don't want to see them proliferating through neighborhoods as they have been because it makes it difficult for many of our hotel workers to be able to live or rent or own homes in those districts because of the transient operators who can get a lot more from the tourists who come to Hawaii," Mufi Hannemann of the Hawaii Lodging and Tourism Association said.

Council has settled on two bills regulating the industry, one that would allow expansion of Airbnbs but only bed and breakfasts where the owner stays in the house, instead of renting out entire homes and limit them to only resort areas on the island.

The other would crack down on enforcement, allowing citizens to file suit against neighbors with illegal rentals.

Not everyone is happy about the bills.

"Please vote against these bills, they are draconian. They're probably unconstitutional."

Some Airbnb owners say the new restrictions would mean taking away one of the only ways they have to make ends meet and stay in the homes they love.

"I beg you, at least grandfather in all the homeowners who live in their homes and rent them out at TVUs or bnbs so that we can at least live our lives out and keep our community. If this passes it's going to be over," Carolyn Hiatt of Kailua said.

City Council has not yet made a decision on the bills. This story will be updated as details become available.