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.
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 agree, I just rattled off about the cause and effect in the eyes of the mom & pop places, and the mom & pop folks might become victims if they’re late to the party and some shit does hit the fan which causes bigger names to start unloading entire portfolios of properties. But what can someone even do in that scenario, if they bought a property to host 6 months ago and suddenly there is a deluge of houses on the market and no one is renting their place? They practically have to dump it or short sell and eat the losses
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.
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 agree, I just rattled off about the cause and effect in the eyes of the mom & pop places, and the mom & pop folks might become victims if they’re late to the party and some shit does hit the fan which causes bigger names to start unloading entire portfolios of properties. But what can someone even do in that scenario, if they bought a property to host 6 months ago and suddenly there is a deluge of houses on the market and no one is renting their place? They practically have to dump it or short sell and eat the losses
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.