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The End of Airbnb in New York
(www.wired.com)
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this post was submitted on 08 Sep 2023
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Isn't this quite a major event? More empty homes -> more places to choose from -> more competition -> lower prices
Huge. The short term rental housing boom is unlike almost anything we’ve seen before. Estimates put short term rentals as about 20% of the global real estate market.
If that demand drops rapidly, it will mark a major shift. Tons of buyers and capital will be wiped off the table.
I agree with the usual perspective that housing prices almost always rise over time. But this is an unprecedented event in scale, and if reversed, it will have unprecedented ramifications.