We are so long overdue for a real estate reckoning in this country and it keep stubbornly refusing to happen Someone always comes up to patch up the bubble and reinflate it
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My city estimates around 1500 AirBNB's went back onto the rental contract market due to tourism bans. We have a housing shortage and strict anti-AirBNB laws. Anyone who followed the law is alright. The folks who were just sitting on empty flats got rightfully fucked.
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So he's setting up to whine for a bailout. Only reason to be saying things won't recover.
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But he still has the real estate he can rent as a long term rental? Or sell?
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AirBnB has made huge parts of London un-livable because properties are snapped up and then rented exclusively as AirBnB at higher rates than regular rentals, making affordable housing difficult to find
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Also, this practice destabilizes these neighbourhoods, by making the populations perennially in flux
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AirBnB destroyed rental affordability. They should not be bailed out, they should go out of business. Had they limited themselves like VRBO and Cottages for Rent they wouldn’t be in this financial mess.
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Oh no! What will all of the illegal subletters jacking up rent prices due to artificial scarcity do now???
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Yup. I have an "inlaw suite" bachelor apartment that is in my house. I don't want the headaches of a long term renter in my home. It is my guest suite, and eventually where my mom will live. I've not lost much. Maybe 6 weekends rental, tops, and it was gravy, not main income.
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A study in Canada found that 90% of AirBnB listings are owned by large rental companies.
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