The Biden administration announced new steps Friday to ensure access to affordable housing, launching a slew of resources to convert high-vacancy commercial buildings to residential use.
There are quite literally millions of properties in the US removed from the housing market entirely in the form of short-term rentals. Can’t buy them, can’t get a lease as a tenant. It’s definitely adding to supply issues, and there’s a chance it craters property values if there’s a recession because people will vacation less and then the ‘gig’ property is no longer a gig but either a huge pile of money doing nothing or mortgage causing huge losses
I agree that its short term rentals but I don’t think it’s the mom & pop places that are a problem. There are tons of apartment buildings in Seattle owned by corporations that are used for short term rentals only. Hawaii tried to get around that by requiring licenses and month long leases unless you live on the property or something. I don’t know if it’s working or not for them since it’s been awhile since I’ve checked. I’m guessing Airbnb just words it to get around the laws.
I guess it would depend on where they bought it. If it was in Seattle? People would buy them in a heartbeat and then there would be a shit ton of rentals on the market which would then make the long term rentals go down. Most people eventually want a house and a yard if they have a family and/or pets. The “luxury” apartment game is for young people for the most part. They could also rent it out until the market stabilizes.
There are quite literally millions of properties in the US removed from the housing market entirely in the form of short-term rentals. Can’t buy them, can’t get a lease as a tenant. It’s definitely adding to supply issues, and there’s a chance it craters property values if there’s a recession because people will vacation less and then the ‘gig’ property is no longer a gig but either a huge pile of money doing nothing or mortgage causing huge losses
I agree that its short term rentals but I don’t think it’s the mom & pop places that are a problem. There are tons of apartment buildings in Seattle owned by corporations that are used for short term rentals only. Hawaii tried to get around that by requiring licenses and month long leases unless you live on the property or something. I don’t know if it’s working or not for them since it’s been awhile since I’ve checked. I’m guessing Airbnb just words it to get around the laws.
deleted by creator
I guess it would depend on where they bought it. If it was in Seattle? People would buy them in a heartbeat and then there would be a shit ton of rentals on the market which would then make the long term rentals go down. Most people eventually want a house and a yard if they have a family and/or pets. The “luxury” apartment game is for young people for the most part. They could also rent it out until the market stabilizes.