this post was submitted on 31 Jan 2024
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It's not just companies. Individuals are also chain buying places. Establish income from airbnb, leverage for their next purchase.
My real estate agent was buying his 3rd airbnb while I was looking 2 years ago. Dude was in his late 20s.
I'm hoping the house of cards comes crumbling down. Been dealing with housing insecurity as my landlord terminated our lease.
I’ve seen on Airbnb people who own 50+ properties.
I used air bnb and fees times and found it more expensive and a hassle compared to a hotel.
250 dollar cleaning fee but you want me to take out all the trash, was the sheets, sweep, mop etc. no thank you
I priced out an air bnb versus one of the nicer extended stay places. The ones that are larger and nicer than the apartments I have lived in.
Guess what came in at 1/3 less cost, had maid service, and a free breakfast.
I am all for banning Air BNB flat out unless the owner is living in the building. I am okay with a person buying a house and then renting out rooms or converting a basement to an apartment to lend out. It doesn't remove available housing inventory from market to sit empty most of the year.
That’s where I stand. Also helps a young person afford a home by renting a room.
I’ve been watching the Oregon coast. I’ve seen a lot of air bnb for sale. Seems like the market is dropping on them.
I remember this scene in The Big Short. Steve Carell goes to a strip club.
"There's a bubble! It's time to call bullshit."
"Bullshit on what?"
"Every fucking thing."
While I do agree with your point, individuals aren't buying hundreds or thousands of properties. It's corporations buying up a limited resource that are driving up the prices, not I-own-three-houses landlords.
Nah, I'm gonna go ahead and still be mad at both despite them being different degrees of bullshit. Thanks.
What about two houses? That you plan to pass on to your children?
They're still all buying more than they need to live in.
https://www.pewresearch.org/short-reads/2021/08/02/as-national-eviction-ban-expires-a-look-at-who-rents-and-who-owns-in-the-u-s/
I'm not disagreeing, but 2018 census data may not be relevant anymore. There has been an absolute feeding frenzy since the lockdown. The landscape has definitely changed.
I prefer data over conjecture.
Outdated data is irrelevant. 2018 was before the housing shortage, before wealthy hedge funds started buying up real estate en masse, before real estate corps employed AI to buy real estate, before airbnbs became egregious to the point of legislation like above.
Quality and relevancy of data is important. You would roll your eyes at anyone citing 1920s census figures. Yes, that's a dramatic exaggeration, but it makes the point.
A lot has changed in real estate in the last 5 years. That's the entire basis of the housing crisis discussion as a whole.
... Unlike every other housing bubble both local or worldwide that happens every 15 years or so?
https://en.m.wikipedia.org/wiki/Real-estate_bubble
E:
... Wow.
Absolutely true.
I work in a highly paid industry and during the 2010-2015, nearly everybody was investing in real estate. Most of the lunchroom talks were about finding properties, showing off our house investments, and speculating if an area would boom. There were startups catered to folks like us to just give them money and they'll handle the cleaning and maintenance.
Then we got distracted by Bitcoin and all other weird things.