8 ms·

I’d love to see the numbers on this. I suspect that the middle class families buying a rental to Airbnb are largely inconsequential to the housing crisis compar

I’d love to see the numbers on this. I suspect that the middle class families buying a rental to Airbnb are largely inconsequential to the housing crisis compared to the corporations buying thousands of homes to cash in on rent for the rest of eternity.

ineedaj0b 2y ago
Anecdotally, I can say in Florida it’s people renting them out and not living in them. The locals are priced out. I can afford it, but non tech/banking (the normal people) have moved inland to much worse spots. I only have 2 live-in neighbors on my floor of 8 units; the rest is Airbnb/Some guy who bought the unit to ‘invest’. I talk with the owners because they occasionally need my physical presence to do something. But all these units would have been families - like they were in the early 2010s.
specialist 2y ago
Housing market is inelastic. Small changes in supply have outsized impact on price.
nox101 2y ago
It might depend on the city but this was recommended recently https://www.cbc.ca/player/play/video/9.6428660 https://www.cbc.ca/player/play/video/9.6428660 their claim. Developers built to the market, the market being people wanting an investment rental property. The prices got so high that no one can afford to rent them so investors are losing money. It used to be, mortgage payment = $x. rent = $x+($500-$1000) but now it's rent = $x-($500-$1000). Further, they aren't sellable because they were never designed to be a good place to live long term. at least that's my summary. They didn't explain if all this is true why the prices haven't dropped 30-80% to the price that people might be willing to buy things they don't really want. As in "hey, this place is way smaller than I want but the price is really low and the location is great". As it is now it's more like "this place as way smaller than I want and even if I could afford it it's not worth the price" I'm curious if the same thing happened in other cities.
heavyset_go 2y ago
At the height of it, entire buildings were emptied out or built for short term rentals in the largest US cities.

ineedaj0b 2y ago

Anecdotally, I can say in Florida it’s people renting them out and not living in them. The locals are priced out. I can afford it, but non tech/banking (the normal people) have moved inland to much worse spots. I only have 2 live-in neighbors on my floor of 8 units; the rest is Airbnb/Some guy who bought the unit to ‘invest’. I talk with the owners because they occasionally need my physical presence to do something. But all these units would have been families - like they were in the early 2010s.

specialist 2y ago

Housing market is inelastic. Small changes in supply have outsized impact on price.

nox101 2y ago

It might depend on the city but this was recommended recently https://www.cbc.ca/player/play/video/9.6428660 https://www.cbc.ca/player/play/video/9.6428660 their claim. Developers built to the market, the market being people wanting an investment rental property. The prices got so high that no one can afford to rent them so investors are losing money. It used to be, mortgage payment = $x. rent = $x+($500-$1000) but now it's rent = $x-($500-$1000). Further, they aren't sellable because they were never designed to be a good place to live long term. at least that's my summary. They didn't explain if all this is true why the prices haven't dropped 30-80% to the price that people might be willing to buy things they don't really want. As in "hey, this place is way smaller than I want but the price is really low and the location is great". As it is now it's more like "this place as way smaller than I want and even if I could afford it it's not worth the price" I'm curious if the same thing happened in other cities.

heavyset_go 2y ago

At the height of it, entire buildings were emptied out or built for short term rentals in the largest US cities.