Wake up America! We don't have a housing shortage in this country, we have an institutional investor problem. If these properties aren't proven primary residences then we need to tax them accordingly.
Well no, we actually have a housing shortage. It's illegal to build more housing on 81% of the land area in San Diego due to Single Family Zoning, and it's been that way for about 50 years. These zoning laws were put in place to ban low-cost housing in order to segregate the city, and it has done exactly that.
Eventually there will be a recession and I don't think it ends well for these AirbnB host.. look how much competition they have... what happens when bookings fall by 50%? Giant hotels nearly went bankrupt during the GFC with their stock prices falling by over 70% in two years.
if there is this many air bnbs how is their that much demand for them, do people really still travel and take vacations when the economy is crap, how they afford it?
@@HanginInSF you live in SF? then your rich and cant relate to the plight of the poor people. its in rich cities like sf where the revolution is brewing the most.
@@meee2014 I have no idea what you are ranting about. You asked if there was enough demand for this many vacation rentals and I said yes there is. Whether I'm rich, you're broke or vice versa does not matter a whit......
Company own couple and many single houses, LLC, Non Primary house owner for 2nd house, 3rd house and so on SHOULD PAY HIGHER PROPERTY TAXES THAN FIRST HOME OWNER AND PRIMARY HOUSE OWNER!!!! And giving Tax Cut/Lower property tax for first home owner buyer and primary home owner Only!!!
Company own couple and many single houses, LLC, Non Primary house owner for 2nd house, 3rd house and so on SHOULD PAY HIGHER PROPERTY TAXES THAN FIRST HOME OWNER AND PRIMARY HOUSE OWNER!!!! And giving Tax Cut/Lower property tax for first home owner buyer and primary home owner Only!!!
@Cathyvalaz When the pursuit of happiness is only beneficial to a small group of people and causing massive societal problems then it's time to stop that pursuit dead in its tracks.
If I had an Airbnb next door and had to deal with noisy college parties every weekend I would be pissed too! Most Airbnbs hurt the neighborhoods they're in and actually cause an increase crime and vandalism.
Bro most airbnbs it’s not legal to throw a party and you normally have to be 25, how do I know this because there’s a lot of hotels/Airbnb’s that won’t even accept people under a certain age sure sometimes it’s 21 normally it’s 25. This whole party thing got shut down years ago and only could work if it’s an Airbnb in the middle of nowhere but even than most airbnb owners won’t allow parties so your point is completely negated
I have to live in air Bs cuz there are no good long term rentals plug I get better places no hassle I am a good mature tenant no place to live but Air Bs
Turning a property zoned residential into a commercial business should require a rezoning process. Municipalities are allowing this to proceed unchecked because they get occupancy tax. Find the politicians are who are allowing this to happen and get them recalled and voted out ASAP.
I’m a pool Guy and almost all Of us lose the clients because they don’t have to classify them as commercial, and these pools get trashed and put us at higher liability because of it. It’s literally taking money out of our pockets.
SD has 4 tiers for STVRs. Tier 2s are not counted in the 1% of housing allowed to be used as STVRs. This is absurd. The home can be rented out without the owner being there for 3 months, time which can’t be monitored and enforced by DSD/BLUE because Airbnb won’t share the data. So, the house can be a STVR for 12 months. There is no limit to Tier 2s. Every home, condo could become a tier 2, which is what Airbnb wants. The STVR industry is dominated by investors. The cuteness of Airbnb is overrated.
Housing is for residents, not for commercial use as a hotel. It would be one thing if they were posting a room on Airbnb, but you see entire homes and entire apartment complexes in OB being used for STVRs. Given we're in a housing crisis, and not to say that this is to blame but it certainly doesn't help, STVRs should be banned in its entirety unless it is a room ogba residence the owner lives in. ADU laws were passed to provide housing for residents and also should not be used for STVRs.
Company own couple and many single houses, LLC, Non Primary house owner for 2nd house, 3rd house and so on SHOULD PAY HIGHER PROPERTY TAXES THAN FIRST HOME OWNER AND PRIMARY HOUSE OWNER!!!! And giving Tax Cut/Lower property tax for first home owner buyer and primary home owner Only!!!
I think if a property owner uses Air B&B to help pay their mortgage, they should be allowed to do that. It's just the wholesale conversion of rentable units to short term rentals that is the problem. There's an easy fix. Require property owners to have an existing Homeowner's Exemption on their property in order to qualify for a permit.
Thank you for covering this. Let’s ban short term rentals. There are plenty of hotels and the over-tourism is getting old. Housing needs are essential!
"So some of those addresses on the map generally do not affect the housing crisis". This reporting is beyond questionable. Even if a short term rental is only available for 6 months out of the year. That is 6 months out of the year that a permanent San Diego resident is not able to rent. So stupid.
Some these are more than likely a room over a garage, or a room in a home, the garage out back has been converted. People moved to short term rentals because it's probably easier to evict non payers, squatters etc.
So, we can't buy homes because wealthier people bought a second home to rent out as a "business opportunity"? We have one of those rentals where I live and the owners ( and guests ) feel NO RESPONSIBILITY to clean up, keep noise down, perform repairs on exterior issues that are bringing down the neighborhood. Some people truly have to see their dumb ideas burn something straight to the ground before they'll realize it was a bad idea. The mere presence of smoke isn't enough of a wake-up call.
That's due to exclusionary zoning which straight up bans anything other than a detached house on 81% of the land area of San Diego. These zoning laws were put in place 50+ years ago as a way to segregate the city by class and race. If we want enough housing for everyone, we need to repeal those arbitrary laws.
The real issue is that some people can afford a few homes as well as constantly stay at expensive BnBs, whilst most of us can barely afford one place. Why is there such a disparity?
All popular destinations are having the same issues. Over tourism has slipped through the cracks with no monitoring and now look what’s happened. The simple solution is to offer incentives to the property owners to take it off the STVRs and only offer long term . But, the question…..can the average middle class afford the high rental prices. This a double edged sword.
No one wants government overreach but the fact is that a corporation will always be able to outbid mom and pop. If the housing market is left free pretty soon companies will own everything worth having.
From 2007 to 2009 Marriott Hotel (MAR) stock fell from $46 per share to $13.00- a 71% decline. Leisure and even business travel fall off a cliff in recession. How prepared are these AirBnB "host" for a recession? If I was an AirBnB investor in San Diego that graphic would give me a heart attack... I think we call that "oversaturated".
Dude litterly nobody in San Diego Lives or owns in San Diego its ALL RENTALS!!! Holy Shit I would not want to live in OB or PB honestly though. I rather live in Mission Valley or La Jolla or Del Mar
2022 Corporations owned 3% of housing in San Diego as of March 2024 Feb 20, 2024 - In the city of San Diego, the number of investor purchases of affordable homes increased by nearly 5% in the quarter, to just over 25% 3 months has passed & Im sure that number is around 32% That equates to as of today [ this number will go up quickly] 174,400 of all homes in San Diego owned by Corporations. I’m trying to find the number of the STR what % is owned by Corporations. Also have you ever done a Zillow search for # of houses in foreclosure in SD & around US is ALARMING
Hysterical comment - some aren't rented year ,round so they're not part of the problem - No , sir They're worse !! Now you CAN get an apartment to actually Live In , But , You get kicked out all summer !!! It is ALL bad . Motels and Hotels were Zoned in . Homes are to Live in .
Even if they banned/ capped or more strictly regulate them… doesn't mean it will fix the problem. The people that own them, most likely own them outright or can afford to carry the monthly cost… if they cannot rent them as short terms, what makes you think they would rent them long term? They would probably just sit on them or sell them for market value. A multi million dollar beach front home is still a multi million dollar beach front home, the majority of people affected by the housing issue could not afford or qualify for these homes so it won't solve the issue.
I know I can't afford to purchase or live in a oceanfront home but this does give me the opportunity to have a staycation for a week or two. I support it. If this becomes a more permanent thing it might also make it possible for me to purchase a beach home that could provide positive income and a few weeks of beach living for myself too
ONLY1% to 6.2% of housing folks… FYI when the market is over saturated with short term rentals those rates are driven down not up… Ask ANY short term rental owner in any vacation community with post COVID check Air BnB booms. The market will self regulate folks. This happened in Big Bear and all these home bought with COVID checks with mortgages are back on the market after annihilation of the STR market rates.
@@karenmariespann4614 Prices are determined at the incremental buyer and seller level. Not on a whole market basis. Additionally inventory is only available based on what is currently listed; not based on all homes. Additionally rental properties are given favorable tax treatments that artificially encourage investors to hold the property longer; which reduces supply. Finally, the price of a home that is rented on Airbnb is based on the income generated divided by the cap rate; which increases the price an investor is willing to pay over and above those that buy a home to live in. As a result, the supply curve shifts significantly for those only looking to live in a home; rather than rent it as an income property. These are two distinct classes and purposes of real estate. Airbnb has been confusing and conflating this issue for years; causing people who do not understand how business, finance, and economics work to misunderstand what is truly going on as a result of government improperly regulating Airbnb rentals. Hotels are zoned while short term rentals have been allowed to destroy the real estate ecosystem using "corporate landlords" as cloud cover for what is really going on.
Because converting to STR isnt a problem to the city. It makes housing values skyrocket and by extension property taxes. It also makes rent skyrocket but go look at every video posted about homelessness and see that once you become homeless the average city resident doesnt care about you.
It's due largely to exclusionary zoning which is a set of arbitrary rules made up over 50 years ago which bans low-cost housing. 81% of the land area is zoned Single Family only, meaning affordable housing like apartments and condos are banned there.
airbnb needs to be banned nationwide, families need these houses. Tell the investors to get a real job. I own a cleaning company and used to work with these airbnbs, 90% are out of state or out of the country owners!!!!
Yall can root the same way you let my hometown rot when you left people like me out of the money pit you let everyone else get first dibs on being not even from here . Either out of state country or the next town over .
Let's boycott Airbnb and any short term rentals. If the corporate investors lose money, maybe they'll be forced to sell to regular people who need housing.
They lose Real residents though . That want to build a life there . Families , children in school , a community . In other words the city loses it's soul
@@fluxcapacitor1621 Now you can fill your property with ADU’s and rent them out short term or long term, and that’s not considered a business now!? Renting of properties is considered a business. Child care out one’s home is a business…. Just pick and chose the laws you like 👍
@choosewisely4722 Sounds like you would prefer to live in an HOA? I did, and will never do that again. Like I stated, … as long as it is WITHIN THE ZONING LAWS,ON THE DATE OF PURCHASE. That keeps the local government from becoming my HOA. The Laws you speak of, are what’s brought us to this problem. I worked hard all my life to own my home (I’m not a short term rental / nor do I like the idea) I think I deserve the right to do as I want with my property as long as it’s within the zoning laws of the day of purchase. Quit trying to change the rules in anyone’s favor! It’s unethical, not right , not fair!
It is misleading to show images of green dots as if they represented area. The area of a dwelling is tiny and not truly represented on a map. It is better to say six percent and show six percent. Also, these are private properties and not apartment complexes. There are plenty of apartments to go around thanks to Chinese investment. Prices will drop when vacancy rates go up. You don't like paying for the elitism of SF? Move
Mortgages are where almost ALL the Covid stimulus and low interest went towards. There should have been stipulations under the Trump Admin and Reserve banks to maintain higher real-estate rates than is typically defined by bank notes and bills.
Hmmm...so if that percentage goes down to 1% let's say. What do we expect the prices of these properties to go? Down? Why? It will be filled up in no time. Then what? Then what happens to other long term owner-wannabes want to buy them? Do they get some deals? Nah. Just a sensational attack on investors. It's San Diego. It is a beach front community. Move on. Everyone wants to live or vacate there. Giving chance to families to own...lol. That was like so 2009 after the housing crisis. They had a year of window to buy things cheap.
I don’t get it , it’s their property they can do what they want. They’re still paying taxes on it. Can Someone explained it to me. 🤔. ( ok I’m getting it but I would start by stop selling home to foreigners only sell to American citizens . If you wanna buy a house on US soil, you have to be a US citizen, plan and simple. ,)
Good. Finally someone is doing something about the Wall Street investors that bought up all the housing during the pandemic when we were at our weakest and inflated the prices. Short term rentals are only a piece of it, and there will be a lot of pushback from well off people that own them, but they can still make money. Maybe not 20 times the worth if it’s booked for a year for vacations, but, honestly… our government HAS to protect our basic necessities. Housing, food, healthcare. One out of three at least, or else why the hell do we even pay taxes??
How about we start by making crime illegal (like the stupid $900 shop lifting threshold) again instead of starting with tax paying homeowners (both TOT taxes and property taxes)
@karen How about we start by declaring February to be National Burrito Month since we're apparently "starting" in completely random places that have nothing to do with the topic at hand
@@sarcasticnews1195 Pretty sure National Burrito Day is in April. Exactly what I’m saying! Bureaucrats should stop doing silly things like regulating taxpaying homeowners renting their homes for xtra cash, or to keep squatters out or to keep non use maintenance issue at bay and deal with real crime :D
Wake up America! We don't have a housing shortage in this country, we have an institutional investor problem. If these properties aren't proven primary residences then we need to tax them accordingly.
Well no, we actually have a housing shortage. It's illegal to build more housing on 81% of the land area in San Diego due to Single Family Zoning, and it's been that way for about 50 years. These zoning laws were put in place to ban low-cost housing in order to segregate the city, and it has done exactly that.
Uh no.
@@mariusfacktor3597completely wrong statement. Educate yourself or stfu
@choosewisely4722 Good point, but like you said those only legalize ADUs and few homeowners decided to build one.
We need to pass legislation to require renters to pay for property taxes on the properties they rent.
Not just San Diego. This is an issue in many places.
Hahaha basically the whole city is a hotel
Everywhere is like this
Eventually there will be a recession and I don't think it ends well for these AirbnB host.. look how much competition they have... what happens when bookings fall by 50%? Giant hotels nearly went bankrupt during the GFC with their stock prices falling by over 70% in two years.
The rich get richer
if there is this many air bnbs how is their that much demand for them, do people really still travel and take vacations when the economy is crap, how they afford it?
@@meee2014To ocean beach? Yes.
@@HanginInSF you live in SF? then your rich and cant relate to the plight of the poor people. its in rich cities like sf where the revolution is brewing the most.
@@meee2014 I have no idea what you are ranting about. You asked if there was enough demand for this many vacation rentals and I said yes there is. Whether I'm rich, you're broke or vice versa does not matter a whit......
Yes we do.
These are commercial properties in residential neighborhoods
Company own couple and many single houses, LLC, Non Primary house owner for 2nd house, 3rd house and so on SHOULD PAY HIGHER PROPERTY TAXES THAN FIRST HOME OWNER AND PRIMARY HOUSE OWNER!!!!
And giving Tax Cut/Lower property tax for first home owner buyer and primary home owner Only!!!
Businesses operating in residential districts. It's driving up the cost of housing which drives up the cost of everything.
Company own couple and many single houses, LLC, Non Primary house owner for 2nd house, 3rd house and so on SHOULD PAY HIGHER PROPERTY TAXES THAN FIRST HOME OWNER AND PRIMARY HOUSE OWNER!!!!
And giving Tax Cut/Lower property tax for first home owner buyer and primary home owner Only!!!
There are plenty of homeless veterans that have served our country that deserve a house!
Ask why are they homeless and solve that problem! Does the phrase Life, Liberty AND THE PURSUIT OF HAPPINESS mean anything to Americans anymore?
What landlord would let a homeless addict or mentally ill nutcase live in their house? Your idea is dumb
@Cathyvalaz When the pursuit of happiness is only beneficial to a small group of people and causing massive societal problems then it's time to stop that pursuit dead in its tracks.
@@Cathyvalaz Ya, you only have any of those things because of veterans and those that sacrificed.
If I had an Airbnb next door and had to deal with noisy college parties every weekend I would be pissed too! Most Airbnbs hurt the neighborhoods they're in and actually cause an increase crime and vandalism.
Let’s see those stats…
Bro most airbnbs it’s not legal to throw a party and you normally have to be 25, how do I know this because there’s a lot of hotels/Airbnb’s that won’t even accept people under a certain age sure sometimes it’s 21 normally it’s 25. This whole party thing got shut down years ago and only could work if it’s an Airbnb in the middle of nowhere but even than most airbnb owners won’t allow parties so your point is completely negated
I have to live in air Bs cuz there are no good long term rentals plug I get better places no hassle I am a good mature tenant no place to live but Air Bs
Turning a property zoned residential into a commercial business should require a rezoning process. Municipalities are allowing this to proceed unchecked because they get occupancy tax. Find the politicians are who are allowing this to happen and get them recalled and voted out ASAP.
I’m a pool
Guy and almost all
Of us lose the clients because they don’t have to classify them as commercial, and these pools get trashed and put us at higher liability because of it. It’s literally taking money out of our pockets.
This is what is happening in Canada. Owners will be self assessed at a 13% tax rate if they convert to air BNB
And many are empty; especially in the off season. Ever walk the boardwalks in the winter
SD has 4 tiers for STVRs. Tier 2s are not counted in the 1% of housing allowed to be used as STVRs. This is absurd. The home can be rented out without the owner being there for 3 months, time which can’t be monitored and enforced by DSD/BLUE because Airbnb won’t share the data. So, the house can be a STVR for 12 months. There is no limit to Tier 2s. Every home, condo could become a tier 2, which is what Airbnb wants. The STVR industry is dominated by investors. The cuteness of Airbnb is overrated.
Housing is for residents, not for commercial use as a hotel. It would be one thing if they were posting a room on Airbnb, but you see entire homes and entire apartment complexes in OB being used for STVRs. Given we're in a housing crisis, and not to say that this is to blame but it certainly doesn't help, STVRs should be banned in its entirety unless it is a room ogba residence the owner lives in. ADU laws were passed to provide housing for residents and also should not be used for STVRs.
Absolutely agree. Limit, or eliminate short term rentals!
Then what?
Company own couple and many single houses, LLC, Non Primary house owner for 2nd house, 3rd house and so on SHOULD PAY HIGHER PROPERTY TAXES THAN FIRST HOME OWNER AND PRIMARY HOUSE OWNER!!!!
And giving Tax Cut/Lower property tax for first home owner buyer and primary home owner Only!!!
San Diego has been overdeveloped and they don’t care about zoning. OB is a mess.
I think if a property owner uses Air B&B to help pay their mortgage, they should be allowed to do that. It's just the wholesale conversion of rentable units to short term rentals that is the problem.
There's an easy fix. Require property owners to have an existing Homeowner's Exemption on their property in order to qualify for a permit.
Thank you for covering this. Let’s ban short term rentals. There are plenty of hotels and the over-tourism is getting old. Housing needs are essential!
Private property owner should do whaever they want within their own property line. Government doesn’t own private properties.
@@xulinzhang498 private property owner can be some Chinese company, and of course they want what's better for the US! right?!
If that’s true that hotels are all we need then why does Airbnb exist? Wouldn’t it fail?
Why would you deny home owners their small business? Plus it keeps $ local corporate owned hotel chains predominantly take $ out of SD
What are you saying property owners don’t have rights, for the properties they own?
8,600, that is an out and out LIE! Just looking at the map fr OB shows at least 8,600 alone!!!!!!!!!!!!!!!!!!
"So some of those addresses on the map generally do not affect the housing crisis". This reporting is beyond questionable. Even if a short term rental is only available for 6 months out of the year. That is 6 months out of the year that a permanent San Diego resident is not able to rent. So stupid.
Some these are more than likely a room over a garage, or a room in a home, the garage out back has been converted. People moved to short term rentals because it's probably easier to evict non payers, squatters etc.
So, we can't buy homes because wealthier people bought a second home to rent out as a "business opportunity"?
We have one of those rentals where I live and the owners ( and guests ) feel NO RESPONSIBILITY to clean up, keep noise down, perform repairs on exterior issues that are bringing down the neighborhood.
Some people truly have to see their dumb ideas burn something straight to the ground before they'll realize it was a bad idea. The mere presence of smoke isn't enough of a wake-up call.
Was Coronado covered ? Isn’t it 52% second homes?
The city really needs to clamp down on this. San Diego has one of the highest priced housing markets in the nation.
That's due to exclusionary zoning which straight up bans anything other than a detached house on 81% of the land area of San Diego. These zoning laws were put in place 50+ years ago as a way to segregate the city by class and race. If we want enough housing for everyone, we need to repeal those arbitrary laws.
I have always suspected that it was true that short term rentals remove housing stock from the buyer market. Thanks for the video.
The real issue is that some people can afford a few homes as well as constantly stay at expensive BnBs, whilst most of us can barely afford one place. Why is there such a disparity?
All popular destinations are having the same issues.
Over tourism has slipped through the cracks with no monitoring and now look what’s happened.
The simple solution is to offer incentives to the property owners to take it off the STVRs and only offer long term .
But, the question…..can the average middle class afford the high rental prices.
This a double edged sword.
Yup, look at Jackson Wyoming… people who work there, even own businesses there cannot afford to buy or rent.
Looks like they could use a few more airbnbs around there!
rage bait
@@Mikewee777 used to be called sarcasm in the good old days haha!
is each dot a home someone could not afford to mortgage so they simply airbnb it??
I want vacations at short term rentals, not hotels.
Rent a hotel like an adult.
5% used as short term rentals doesn’t seem so bad, we just need to build more housing
It’s like anything in life , when you have a good thing going on , pretty soon everyone does the same thing and screws it up for everyone.
Cities need to regulate the number of Vacation rentals and Tax them at a much higher percentage
airbnb-neighborhood destroyer
I know what they could do: make it impossible to get insurance! Great Scott!!!
Interesting!!! Sounds very interesting...
Who cares prevent SD from being LA. We want LESS people.
No one wants government overreach but the fact is that a corporation will always be able to outbid mom and pop. If the housing market is left free pretty soon companies will own everything worth having.
These people must pay for what they’ve done
From 2007 to 2009 Marriott Hotel (MAR) stock fell from $46 per share to $13.00- a 71% decline. Leisure and even business travel fall off a cliff in recession. How prepared are these AirBnB "host" for a recession? If I was an AirBnB investor in San Diego that graphic would give me a heart attack... I think we call that "oversaturated".
Either become an owner or just get used to the new normal, which is the old normal of 1890s.
It’s like that everywhere short term rentals are all there is
Law gets passed - housing prices crash - banks fail
Air bnb is part of the housing problem for sure.
Dude litterly nobody in San Diego Lives or owns in San Diego its ALL RENTALS!!! Holy Shit I would not want to live in OB or PB honestly though. I rather live in Mission Valley or La Jolla or Del Mar
I know a guy whose dad owns about 8 houses. It’s ridiculous
2022 Corporations owned 3% of housing in San Diego as of March 2024
Feb 20, 2024 - In the city of San Diego, the number of investor purchases of affordable homes increased by nearly 5% in the quarter, to just over 25%
3 months has passed & Im sure that number is around 32%
That equates to as of today [ this number will go up quickly] 174,400 of all homes in San Diego owned by Corporations. I’m trying to find the number of the STR what % is owned by Corporations.
Also have you ever done a Zillow search for # of houses in foreclosure in SD & around US is ALARMING
You should be allowed to do anything you want with your property
That’s absurd, those could all be places for people to live. Same thing has happened up in the north bay, it’s unfortunate its allowed to happen
Why is making money illegal in San Diego?
Hysterical comment - some aren't rented year ,round so they're not part of the problem - No , sir They're worse !! Now you CAN get an apartment to actually Live In , But , You get kicked out all summer !!! It is ALL bad . Motels and Hotels were Zoned in . Homes are to Live in .
Even if they banned/ capped or more strictly regulate them… doesn't mean it will fix the problem.
The people that own them, most likely own them outright or can afford to carry the monthly cost… if they cannot rent them as short terms, what makes you think they would rent them long term? They would probably just sit on them or sell them for market value.
A multi million dollar beach front home is still a multi million dollar beach front home, the majority of people affected by the housing issue could not afford or qualify for these homes so it won't solve the issue.
I know I can't afford to purchase or live in a oceanfront home but this does give me the opportunity to have a staycation for a week or two. I support it. If this becomes a more permanent thing it might also make it possible for me to purchase a beach home that could provide positive income and a few weeks of beach living for myself too
ONLY1% to 6.2% of housing folks… FYI when the market is over saturated with short term rentals those rates are driven down not up… Ask ANY short term rental owner in any vacation community with post COVID check Air BnB booms. The market will self regulate folks. This happened in Big Bear and all these home bought with COVID checks with mortgages are back on the market after annihilation of the STR market rates.
@choosewisely4722 you’re right I forgot the market west of the 5 was affordable before Airbnb 😂
@@karenmariespann4614 Prices are determined at the incremental buyer and seller level. Not on a whole market basis. Additionally inventory is only available based on what is currently listed; not based on all homes. Additionally rental properties are given favorable tax treatments that artificially encourage investors to hold the property longer; which reduces supply. Finally, the price of a home that is rented on Airbnb is based on the income generated divided by the cap rate; which increases the price an investor is willing to pay over and above those that buy a home to live in. As a result, the supply curve shifts significantly for those only looking to live in a home; rather than rent it as an income property. These are two distinct classes and purposes of real estate. Airbnb has been confusing and conflating this issue for years; causing people who do not understand how business, finance, and economics work to misunderstand what is truly going on as a result of government improperly regulating Airbnb rentals. Hotels are zoned while short term rentals have been allowed to destroy the real estate ecosystem using "corporate landlords" as cloud cover for what is really going on.
Because converting to STR isnt a problem to the city. It makes housing values skyrocket and by extension property taxes. It also makes rent skyrocket but go look at every video posted about homelessness and see that once you become homeless the average city resident doesnt care about you.
This confirms my suspicion. BS like this makes me want to side with the squatters who abuse California tenant rights
Squatters are a bigger problem
Repulsive. Ban them.
There is not a housing crisis because of lack of inventory. There's a housing crisis because of this.
Wow that’s really insane, idk how to even approach this shit.
Why rents are so high?
It's due largely to exclusionary zoning which is a set of arbitrary rules made up over 50 years ago which bans low-cost housing. 81% of the land area is zoned Single Family only, meaning affordable housing like apartments and condos are banned there.
too many out of state college students being shipped into san diego... impacts housing supply and drives prices higher....
@@mariusfacktor3597 Apartments and condos are not affordable in San Diego either. We need rent control.
Ban them.
airbnb needs to be banned nationwide, families need these houses. Tell the investors to get a real job. I own a cleaning company and used to work with these airbnbs, 90% are out of state or out of the country owners!!!!
Send in David “wild goose chase no follow up” Gotfredson
I think its ok if its your house & you live there. Your watching it then
Need to change the tax code.
Eliminate the 1031 exchange and change the deprecation rules on housing.
Build work force and BMR housing! Hire Marriott or Hyatt 🤷♂️. Do something!
Yall can root the same way you let my hometown rot when you left people like me out of the money pit you let everyone else get first dibs on being not even from here . Either out of state country or the next town over .
Those Airbnb could be people who live there full time who rent out a day or 2 per week .
Crazy we can't buy fing houses!!!
Ban Blackrock!!!!
Let's boycott Airbnb and any short term rentals. If the corporate investors lose money, maybe they'll be forced to sell to regular people who need housing.
Its beyond obscene
All need to get into investment and securities and such properties. If you don’t do it you are going to miss out.
If u want to solve the housing problem, BUILD MORE HOUSING!!!
That's not the answer
Democrats or republicans-it doesn’t matter. Corporations and foreigners win
You get what you vote for lol
City will never take this away.. they get so much money from tourism from this
They lose Real residents though . That want to build a life there . Families , children in school , a community . In other words the city loses it's soul
Blackrock probably owns most of these green dots. You'll own nothing and be happy!
What idiot would want the government to tell you how to use your property within the zoning codes you purchased it?
They're businesses operating in residentially zoned areas.
@@fluxcapacitor1621 Now you can fill your property with ADU’s and rent them out short term or long term, and that’s not considered a business now!? Renting of properties is considered a business. Child care out one’s home is a business…. Just pick and chose the laws you like 👍
It’s a left wing thing for sure.
@choosewisely4722 Sounds like you would prefer to live in an HOA? I did, and will never do that again. Like I stated, … as long as it is WITHIN THE ZONING LAWS,ON THE DATE OF PURCHASE. That keeps the local government from becoming my HOA. The Laws you speak of, are what’s brought us to this problem. I worked hard all my life to own my home (I’m not a short term rental / nor do I like the idea) I think I deserve the right to do as I want with my property as long as it’s within the zoning laws of the day of purchase. Quit trying to change the rules in anyone’s favor! It’s unethical, not right , not fair!
Is it zoned for hotel-motels?
I agree with No_Importance_Poop!
Mmmmm hedge funds in housing
😂😂 new this would be an issue 10 years ago .. selfish investment groups bought up any & all fixer uppers!! Its about to get bad fast !!
It is misleading to show images of green dots as if they represented area. The area of a dwelling is tiny and not truly represented on a map. It is better to say six percent and show six percent. Also, these are private properties and not apartment complexes. There are plenty of apartments to go around thanks to Chinese investment. Prices will drop when vacancy rates go up. You don't like paying for the elitism of SF? Move
Hidden Housing Market.Housing Hoarding.Shorterm Housing Over Longterm Housing.
Disgusting
California...
It over the top
1:54
Mortgages are where almost ALL the Covid stimulus and low interest went towards.
There should have been stipulations under the Trump Admin and Reserve banks to maintain higher real-estate rates than is typically defined by bank notes and bills.
COVID stimulus went to cults disguised as churches too.
Nice work again from CBS 8.
maybe move to a different state?
You can't afford housing.
Hmmm...so if that percentage goes down to 1% let's say. What do we expect the prices of these properties to go? Down? Why? It will be filled up in no time. Then what? Then what happens to other long term owner-wannabes want to buy them? Do they get some deals? Nah. Just a sensational attack on investors. It's San Diego. It is a beach front community. Move on. Everyone wants to live or vacate there. Giving chance to families to own...lol. That was like so 2009 after the housing crisis. They had a year of window to buy things cheap.
Oh Maron 🤌🏻🦨💨💨
My county ‘tis of thee sweet land of private equity
😂
I don’t get it , it’s their property they can do what they want. They’re still paying taxes on it. Can Someone explained it to me. 🤔. ( ok I’m getting it but I would start by stop selling home to foreigners only sell to American citizens . If you wanna buy a house on US soil, you have to be a US citizen, plan and simple. ,)
Housing shortage. Rich people buying lots of properties and renting instead of people buying, making the American Dream unaffordable.
So if your next door neighbor decided to raise pigs in his backyard it would be OK with you? After all, it's their property.
Because they're a strain on the housing supply. How hard is this to understand for you? Where does it say capitalism at any cost to society is okay?
Don’t forget that china is buying all these up as well. They love parking their money here
Cancel air bnb
news 8 using reddit....
MAKE IT STOP!
Good. Finally someone is doing something about the Wall Street investors that bought up all the housing during the pandemic when we were at our weakest and inflated the prices.
Short term rentals are only a piece of it, and there will be a lot of pushback from well off people that own them, but they can still make money.
Maybe not 20 times the worth if it’s booked for a year for vacations, but, honestly… our government HAS to protect our basic necessities.
Housing, food, healthcare. One out of three at least, or else why the hell do we even pay taxes??
How about we start by making crime illegal (like the stupid $900 shop lifting threshold) again instead of starting with tax paying homeowners (both TOT taxes and property taxes)
@karen How about we start by declaring February to be National Burrito Month since we're apparently "starting" in completely random places that have nothing to do with the topic at hand
@@sarcasticnews1195 Pretty sure National Burrito Day is in April. Exactly what I’m saying! Bureaucrats should stop doing silly things like regulating taxpaying homeowners renting their homes for xtra cash, or to keep squatters out or to keep non use maintenance issue at bay and deal with real crime :D
@@sarcasticnews1195 Awe, being an a$$hole make sarcasticnews feel like a big girl 😂🤣🤣🤣😂🤣🤣🤣🤣 What wild irony we have here 😂🤣🤣🤣😂😂😂😂😂
YAAAYYY TIJUANA SEWAGE VAYYCAYYYY