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Airbnb bookings dry up in New York as new short-stay rules are introduced
(www.theguardian.com)
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this post was submitted on 06 Sep 2023
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But turning half the units in that tall building full of dense housing into short-term lets that are a nuisance to the people who actually live there is okay in your book? Because, as you say, objecting to that would be "NIMBY".
Airbnb is way more profitable than conventional letting. Why would anyone offer stable leases to poor people when they can rent out the whole place for higher rates?
In some parts of my country, it is becoming functionality impossible for families to rent a property for a stable term, because landlords want properties vacant over the holidays for short-term lets.
https://www.dazeddigital.com/life-culture/article/59744/1/airbnb-is-making-life-hell-for-young-renters-in-tourist-hotspots-cornwall
But you think unregulated AirBnB is somehow a positive for housing?
Yes, because you're still adding net housing in those buildings.
I think AirBnB helps people pay their rent in NYC, because data confirms that people do in fact use it as bridge income
I also think AirBnB both is not the culprit here (a housing shortage is) and that building more housing solves the problem more neatly while also discouraging using housing as an "investment" which then discourages predatory housing practices.
Human beings will always respond to incentives, and right now the incentive is to buy housing and hold it because it will be worth more later. That's a big problem.
Evidently AirBnB is not the only problem here, and building more residential homes is needed. But
is exactly what is happening here. If you can buy an empty property & rent it out to tourists for a chunk of money -- with better returns than you can get on the stock market -- people with capital will cheerfully do that. Except now with these rules there's little point in them trying that in NYC.
Renters are free to continue to use AirBnB to continue to pay their rent (bans on subletting notwithstanding) as long as they're still living in it at the time.
Long term capital considerations re. investment in real estate are a separate issue. Historically, housing has not performed like this.
Not if they need to pass inspection as hotels in NYC they aren't. Renters already AirBnBing to make ends meet don't have the money for fire doors, etc.
"Not having enough money to make what you are renting out safe for occupancy" is not an acceptable defence to renting out something that is unsafe for occupancy.
Fire doors will shortly be compulsory in all AirBnB properties in the UK. https://www.telegraph.co.uk/money/consumer-affairs/holiday-let-owners-airbnb-measures-fire-safety-crackdown
Shocking. Safety regulations are written in blood.
We will absolutely see evictions over this and I'm very interested in watching this site lose their shit over and eviction increase in NYC in a few months