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What happened to Airbnb?
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this post was submitted on 04 Nov 2023
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This is a myth. Airbnb has too few properties listed to actually have any impact on property prices. The shortage is real, but it's not of their making.
Want lower prices? Build more houses. Somehow, this simple solution is being rejected in favour of blaming scapegoats.
Edit: The best cherrypicked statistic somebody could show was that Airbnb drives prices up by $1800 / year. Setting aside the accuracy of it, if that's breaking the bank, you probably shouldn't be buying a house anyway.
I guess you heard that from a friend? Maybe try to question things more and do your own research. There's tons of verifiable information out there and it's easy to access.
https://www.marketwatch.com/story/does-airbnb-really-make-housing-more-expensive-these-researchers-say-they-found-an-answer-11612284049
Does that really seem like a lot in context of buying a house? It certainly doesn't look like it to me. Also, lay off the ad hominem attacks
$9 x 12 = $108 increase per year. Also, you chose that sentence probably because it was the lower one despite the first paragraph being:
It's an ANNUAL increase of $9, not a monthly increase. That aside, my original point was about property prices, not rentals. I picked that line because it's the first line I found discussing sale price. I made no claims about rental prices and still don't.
the ban has made not one iota of impact in Honolulu.
This type of rhetoric seems to always point at "oh but it's something else that's the problem, leave my airbnbs alone there are too few of them"
https://www.toronto.ca/legdocs/mmis/2021/ph/bgrd/backgroundfile-166717.pdf read some actual studies and see how much of the real estate stock is held by short term rentals and tell us about how those few properties have low impact on property prices. I'd love to see what kind of impact Toronto would have if those 9100 dwellings would be available to Torontonians. That's about 56 dense,mid rise apartment buildings of housing.
Sorry, but the financialization of housing is a real issue that needs to get addressed.
I'm pointing at 'Build more fucking housing so I can afford to buy some', I'm not sure why that appears to be so controversial.
Because you're saying "don't worry about the already built housing people sit on for short term rentals, those don't count" they do count, there are a lot of them. How long would it take to build 9100 units in Toronto vs immediately dumpstering the airbnbs and forcing sale or long term rentals. There's a part of the issue that you just might not be aware of, it's the fucking vacant homes that sit there empty, making loads of cash during busy season.
You're right, building more is good, but without bans on short term rentals and proper regulations around multi home ownership we're just gonna build more units for landlords.
Not to mention, new buildings are excluded from rent control in Ontario.
Fuck that, in every sense. Why should the people already struggling for housing have to worry about landlords suddenly deciding to jack up rent by thousands, just so investors can have an easier go with AirBnB? That kind of expectation worsens a community, and absolutely contributes to the homelessness situation.
Nothing will make me support things like AirBnB at this point. People having homes should be more important.
I disagree. The main issue is lack of supply. Freeing up a few units here and there is merely providing a little short term relieve without doing anything to address the main issue. Get sufficient housing built, and the short term rental market wouldn't be an issue.
You seem to completely disregard the fact that freeing up "a few units here and there" will have a material impact that lessens the need for immediate building of more houses in already overpopulated areas. I'm not saying, by any stretch, that we shouldn't build but obfuscating the issue with another does not help. The short term rental market is an issue for a lot of people.
My dude. Go take econ 101. Supply and demand. If there are houses being sold to people that intend to use it for air BNB, then it is both reducing available supply, and increasing demand. When that happens , it drives up price. Families now have to bid against these investment chucklefucks. It's not a scapegoat at all. The housing market has gotten to where it is for a variety of reasons including, but not limited to investors buying them for Airbnb. You can add in firms like Blackstone backed invitation homes also buying housing to be corporate landlords, the Fed keeping rates too low for too long allowing the people with the most assets to gain equity, and leverage themselves beyond what they'd normally do because money was essentially free for them. Add foreign buyers into the mix, and baby you've got a housing clusterfuck going. Our solution to everyone losing their houses in '08 was to let big firms buy houses and rent them out. No one can buy a house now, but man is the economy purring. If all these leeches lost their asses, and were forced to sell, we might return to affordability. Until then, you will own nothing and be happy.