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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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It is a serious crisis in many places throughout the world. Especially considering the income stagnation. I have lived in many cities and have heard this cry across multiple continents, from coast to coast, and at most income levels (except the ultra wealthy).
What I’m hoping becomes more popular are ways to make the short term rentals not as profitable. I really like the idea what other cities are doing by limiting the number of days they can rent it out.
Sure, rent it out for 45 days a year and get $10k total revenue and try to scrape out a profit. Or rent out the unit as your primary residence for the entire year for a similar cost.
It’s not absolutely perfect, but it will greatly reduce those willing to buy places to use as an investment for short term rentals. And that should put negative pressure on housing prices, while also opening up more units for primary residence housing.