The issue is that even if we stipulate that most Airbnbs wouldn't themselves be affordable housing, it has a domino effect. Let's say that somebody has an Airbnb instead of a $3,000 rental property. No direct impact on affordable housing. But the removal of that property from the supply of living spaces means that the person who would have rented there needs to look elsewhere. They may be go for someplace a little less desirable. Then the person that would have lived there needs to look. They end up someplace a little less desirable. And this happens many times over, generally causing each place to incrementally increase in price because of the increase in renter competition. This is only one of the issues causing this, but it is one of them.
I'm not saying you shouldn't be able to do it. I'm just pointing out the effect STRs have on the marketplace. And yes, buying a house and adding value to it does have a similar effect as well. But people have been buying houses for generations. STRs are a very new phenomenon.
Amazing pretzel logic here, sounds like everyone thinks you should just take it in the ass for the affordable housing team. I mean, how dare you make a profit off your investment.
I’m not against air BNBs, but there is a large difference between someone needing a house for shelter and permanence, vs. someone looking for a one week vacation rental. The former is the thousands of years use cases, the latter is just the last few years (at least on an industrialized scale) and is an indulgence and not a necessity.
My friends who have had to leave Austin because of the high cost of housing aren't poor people in housing projects. They are middle class people who have been priced out of the city. There are a lot of reasons for that, but short term rentals are definitely one of them. So I don't really understand why you are trying so hard to downplay the effect STRs have on housing. Is it just an inconvenient truth for you as an Airbnb owner? No one is criticizing you for owning an Airbnb. We all do what is in our best interest and that is ok. But STRs do contribute to the affordable housing problem we have.
Here's one for 2 nights in September. There are plenty of others to choose from. Airbnb: Vacation Rentals, Cabins, Beach Houses, Unique Homes & Experiences
I think we agree ot has a minimal impact. Its just that some here almost seem like they think it is wrong to do it as if their own home purchase didnt trickle down as well. The real issue has to be a more comprehensive effort by municipalities.
Sorry. Not trying to say it has no impact as much as say that it is minor and no different than many other factors we all participate in.
Many municipalities aren't even enforcing codes. And it can be tricky and expensive to do so. My guess is most areas with restrictions are flooded with STRs anyway.
So I am in this business as well. We are into the beach more so than Disney. Upon doing my due diligence, local realtors, brokers, investors and PMs have all told me not only don’t buy Orlando, but that it’s a hard NO for STR. I know for a fact that beach condos are a tricky as well. There are many HOAs that dictate the rental policy and as you might know, the full time residents in these beachfront condos do not want a lot of rental traffic. People know the deal, and they still put their condos up on VRBO as weekly and daily rentals. The place you found in Orlando either found a loop hole or they are risking their rental property subject to a county/city ordinances and fines.
All rue, except Trump didn't pass another 1.8 trillion dollar stimulus bill while saying inflation was "transitory". The fire was started during COVID, and TOO many people got cash from the GOV that never had any impact on their income by COVID. The Biden admin just decided to throw gas on the fire last fall....
Perhaps, but blaming Biden for inflation is like blaming Obama for starting the wars in Iraq and Afghanistan.
Reading all these posts makes me happy I invested in commercial properties and not residential properties.
Shame on you! You are the reason mom and pop businesses cant afford rent! Am I doing it right? (That's a joke everyone.)
Sounds right from what I've read on this thread. (I do focus on properties less that 10,000 square feet - so the mom and pops are my target audience)
New York had their chance to fix this years ago and declined. Jimmy would have no doubt been better than Fredo’s brother at handling Covid as well.
No doubt this nonsense started under and was supported by Trump. Trump was a fool to support shut downs and a bigger fool to support the level of stimulus/aid that was provided. As bad as that was, Biden’s packages, along with other spending was downright insane. I said in spring of 2020 that we would be dealing with the ramifications of this foolishness for years, if not decades. We are soon approaching the third year with no real end in sight yet.
I live in Arizona. Over 350 days of bright, blue skies every year. The Bracero program was effective bringing immigrants legally into the US. The Reagan amnesty was also successful bringing over 1 million, mostly law abiding people and giving them citizenship. And plenty of states already offer tax incentives for affordable housing. They live in places with blue skies too.
