The Town of Southold is considering sharply reducing the number of short-term rentals, like Airbnb, to just 1% of properties.

Under the proposal, 119 homes would be eligible for short-term rental permits through a lottery system, an 80% reduction from the current rental market.

That would be a significant decrease considering town documents show there were 740 short-term rental properties across Southold just two years ago, with most located in Greenport.

The Southold Town Supervisor Al Krupski said the proposal was developed in response to concerns raised by residents.

No date has been set for a vote on the measure.