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How Airbnb Broke Housing in America
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- Опубліковано 27 лют 2024
- Airbnb broke our housing system. In some towns up to 40% of available apartments are Airbnbs.
But people are fighting back. When Irvine, California banned short-term rentals, rents dropped.
Now a movement to regulate Airbnb is sweeping the nation.
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Something they dont talk about is how over 25% of new home were actually bought by investors, not people looking to live there. Even if boomers sell all the houses or more home become available, the problem wont go away, as wealthy investors will still buy up those supply of houses. This will keep the houses prices up.
Not a word about banks, equity firms, Blackrock, buying up houses after the 2008 cruises as assets. You cannot discuss the housing cruises without discussing this.nOr discussing that largest luxury houses generate more profit than smaller non-luxury. Developers build for profit.
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Annette Christine Conte is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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This country is utterly overcooked if we're considering an $800 rent hike as a victory.
Would you like a little tobasco with your carbonized free range fowl? (Sorry, that costs extra... Commercial real estate is so high)
Yeah at the end I was like “wtf $800 dollar a month increase that person should go to jail”
@@mccomasd that's the state of housing in America. the NIMBYS won the battle of making houses an investment asset
2012 "why would i stay in expensive hotel if i can stay in rbnb"
2024 "why would i spend all that money on rbnb if i could just stay in a hotel?"
Not true, airbnb still cheap. Rather than giving money to greedy corporations id give to a family trying to make a living by renting out portion of their home. So shutup
@@Osama-dn8eo lots of hotels are family ovned business. Corporations buys homes and turn them short or long term rentals all over the country. Which is the main reason housing became unaffordable for people. Thats what data shows. So. Shut the f up if you have no clue what are you talking about, expert...
@@Osama-dn8eo Part of the problem is knowing if a corporation or family owns the property. There is no transparency on that. How is someone supposed to know?
Depends on what experience you want. The hotel experience doesn't really give a vacation vibe, meanwhile staying in a private house with a pool, fully furnished is way more attractive.
This is true! Often I have chosen a hotel over an Airbnb because the hotel was the same price or less and I know what I am getting without the "rules" (such as having to take my shoes off and being in by a certain time) that go with an Airbnb.
Also, corporations should NOT be allowed to buy houses. PERIOD.
Well, it's too late for that and the properties they already own are not going to just be handed over to the people.
@@07Flash11MRC Politicians can force them to sell
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
The market is not necessarily a rollercoaster if you know your way around the market, there are various opportunities in the present market to accrue good profit, If you are not too savvy with the market, just buy and hold on strong companies with good earnings, or consult with advisors on ETFs and actively managed funds.
@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?
I won't pretend to know everything, though. Her name is Melissa Rose Francks but I won't say anything more. Most likely, you can find her basic information online; you are welcome to do further study.
Goes without saying, but one of the worst aspects of AirBnB to me is the fact that it's expensive to use even as a service. It's rich people buying homes to temporarily rent out to other rich people. Wholly inhumane.
.. and when it's NOT rented, it's a tax advantage. "Oh, my, I'm losing money!"
Actually, my wife and I cut our tenets rent in half when we get the mortgage of their place paid off.
Not all land lords are evil.
@@Newa113 most are though
Im done. When and where? Actually ill get started and we meet in the middle.
jesus christ you just changed my entire perspective. your so insanely right.
Airbnb isn't even a good deal anymore. With the lazy owners not wanting to do any cleaning between visitors it's a losing business plan. Hopefully it works its self out
That was my thought as well
And it doesn't help that the cleaning fee is usually almost the same as or double the price of the bnb. Pure greed.
@AngelicaAngel111 exactly. Easier to just stay at a hotel now to be honest
Yep, exactly. No intervention needed.
Seriously tho. It was essentially the same price last time I was looking. Makes more sense to get a hotel.
Happened in Edinburgh, Scotland. Historic city centre that had families living in it and been there for generations. Overnight it turned into Air BnB ville. The Scottish Government has introduced new legislation making much less lucrative and already ex Air BnB properties are up for sale. 🎉🎉🎉
Good for the Citizens!!!
Citation to proposed law on Scotland please
The mix of AirBnB, Real Estate Investors, and side "hustlers" mix with the inability of the government to regulate anything that matters makes for a real clusterduck for the Housing market and housing is treated less like homes and more like financial oppurtunities
Buying property to rent isn't bad, its the returns in excess of the capital invested in the improvements that are unearned. To fix this, just tax land at 100% and distribute the proceeds after paying for the governemt to all citizens equally. Bam, no more property specualtion, no more income tax, no more sales tax, no more poverty. Georgism is the only jsut way to run a economy.
You mean the "unwillingness" of the government to regulate anything . . . .
@RC-fi4ixSure but housing has never been this unaffordable for people. I make 6 figures and can’t afford a home. Keep licking those boots and cheerleading the dismantling of the middle class bud 👍
There are currently over 16 Million homes and apartments in America that are unoccupied. Artificial scarcity is driving up the cost of owning or renting a home. This is all being done intentionally.
We haven't replaced the million Americans who have died from covid, with all of the immigration since covid started.
Notice a common factor in news about immigration fear stories... They never, ever mention the actual number of people.
@RC-fi4ixyou think immigrants can afford homes 😂😂😂😂😂
@RC-fi4ix how many rich white CEOs are going to prison?? You know, the ones that perpetuate the situation that's going on. The problem will not be solved until rich white CEOs that donate to both parties go to prison... But that will never happen so we conveniently have a boogeyman every election season. And we also have a class of people that come over to pick the food.... Then you realize the system is working exactly as it was designed.
A lot of that “housing” isn’t actually habitable. It doesn’t take long at all for an uninhabited home to become uninhabitable. I saw a video about an organization taking such homes and fixing them up with the help of the future owners for just the cost of materials; donations paid for the original buildings, and all the labor was donated. Seemed like a good idea! 👍
@RC-fi4ix I know right.. all these Canadians sneaking over to use our for-profit healthcare.. _Disgusting_
If only their were an organization made of everyday citizens that have the power to regulate things like this, and work in the interest of, I don't know, working people. Man, sure would be nice if something like that existed.
Okay, I'll bite - what organization do you have in mind exactly?
@@Sheseasyouthere I'm asking the question because I seriously do not know the answer. Don't jump to conclusions.
@@Sheseasyouthere I like your first response. Thanks for the explanation.
@@vivalaletasomething like a citizens lobby, that way the people can bribe politicians just as companies do
The best thing you could do for working people is rasie taxes on land, and coincidently lower income and sales taxes. Taxes on land only hurt land owners, mostly rentiers. It reduces the profit that landlords can make to be solely the return on investment made on improvements, rather than being able to extract the raise in value of the land over time. Georgism is the only fair way to tax.
Tax second homes higher, then third and more even more higher
Better yet, ban third, fourth etc homes and tax passive income.
Maybe tax investment homes higher. I inherited a second home (my grandparents land and it’s a small hobby farm). I let a family member live there for free. I shouldn’t have to pay higher taxes on it because of greedy people buying homes for investment purposes. Let’s not f over regular folks.
@@RextheRebel realistically US corporate owned congress wouldn’t consider for a second. But maybe using your argument as an extreme position and then getting tax penalties on investors might work.
@@Iluvchknz I agree with you. If you have family living there and it is not an income property, then no increased tax. But we have to reduce the homes the rich hold for profit. Some buy and hold and don’t rent out. Holding inventory also increases prices.
No, let people be free, just tax land at 100%. Georgism is the only fair way to tax.
They are doing this in my neighborhood now, I'm supposed to be moving but can't find a new place to rent with bad credit because there aren't many private landlords anymore, so I've been wondering where they want the 60%of Americans who are living paycheck to paycheck, which is why we have bad credit, where do they want us to live?
This was me for the last two years. I ended up going from airbnb to airbnb because I couldn’t find anywhere anyone would let me live. My only option was to finally beg a family member to sign a lease with me at 39 years old. I make a decent living, but my credit got ruined in a second with covid income losses. I don’t want to scare you, but it really is this bad, and I wish I had asked for help from anyone sooner. I tried to make it work on my own for way too long and almost didn’t survive. 😞
They want you to live in corporate owned apartments that raise the rent every time you renew a lease.
@@InternetUser._ they doubled my rent in 2022 and I ended up homeless because of it. I am one person. I cannot afford $3800 a month.
In the ghetto’s
I can relate
These AirBnB investors can’t see anything but instant gratification through profiteering.
Good landlords like steady tenants that pay rent on time and keep their homes neat.
High turnover brings in people who are not vested into their communities. This is how a neighbirhood experienced rapid decline. From gentrification to the abyss.
Well let three idiots get stuck with a mortgage they can’t float. Greed shall be punished.
There is no such thing as a good landlord. A landlord extracts value by profiting not based on the inventsment of capital into improvements, but from the raise in the value of the land they own over time. This value is created by the community, not the individual, as such they steal this value form the community when the value of land is not taxed away. Georgism is the only fair way to tax.
@@RavenMyBoat there are certainly better and worse landlords, and I do not hate the better landlords, but yes, landlordism is inherently immoral.
The crazy part is that it literally is greed on both sides.
Your a financial fool if you think renting is a way of life. You must do everything you can to purchase a home, make this your top priority and then learn how to take care of it.
@@petebusch9069who do you think you're talking to, no one is saying what you are arguing against
7:12 Imagine a private citizen just refused to give information a government asked for, especially in retaliation. Whenever under the cover of an LLC, executives can commit crimes
EVERY private citizen can and should refuse to do so, people (not corporations) have the right not to incriminate themselves.
@@David-uf9qm corporations have all the same rights people do. Citizens United declared that
@@mrtacos705And none of the responsibilities
Banksters do the same thing when you challenge them devaluing your property title by their actions or something similar. They never will obey discovery. I had a judge even threaten them with sanctions in an order if they didn't turn over documents. The judge passed during surgery during that time and the next judge never did make them obey.
@@geekfreak618 This is an insane story. It’s just amazing what you can get away with when you do it in a suit.
Had a similar problem here in European big cities. I live in the centre of Berlin. Apart from all the things mentioned here, local residents just also got annoyed at the obnoxious behaviour of partying drunken tourist groups in residential apartments. Particularly take note of young Americans who can´t cope with alcohol. Police got fed up of having to break up fights between drunken tourists and local residents. The city eventually just banned them.
Years ago I was an AirBnB host. I had a spare room and did not want a permanent roommate. It was listed for very short term (1 week or less) and mostly it was nice to have a guest once or twice a month. If I had company coming out of town or needed the spare room for a project, I could de-list it on the website. Most of the listings in my area were same story as mine - a spare room or master bedroom. But then more of the AirBnB rentals in the area started becoming new studios out of converted garages - or worse than that they were entire luxury=like units with no owner onsite. Its definitely affected long term rental market here badly and the initial purpose of AirBnB really lost its way in all the greed.
I used Airbnb but I stopped because I realised that by using them I was depriving ppl of a home. I now stay in hotel apartment when I travel. They are same price and don’t have all the crazy rules and cleaning fees.
@@dianacasey6002Can you please expand what you mean by hotel apartment? Do you mean like Extended Stay types? If not, how do you search and find them? I typically liked Airbnbs bc there was a real freezer, fridge, and microwave. But if there’s an alternative, I’m willing to try it
@@hynnow18 I suppose it depends on were your from, the Sunshine Coast and many other Australian holiday destinations have complexes that have always been hotel apartment’s not private accomodation. They are excellent and there is no funny rules and key problems. I don’t know about other places sorry if this doesn’t help.
Indeed, there are "apart-hotels" for those who say that they cannot stay in hotels because they have kids, need kitchens, etc. I stayed in a similar location, but as I was 1 person I chose a room. It was with a kitchenette, fridge, a desk for work and high-speed internet. There was a bigger communal kitchen in the building, if needed.
I will never stay at ABNB
It’s even more clear in rural communities close to ski resorts or national parks. There’s often no housing available to rent long term, period, because all the available housing is short-term.
Exactly. Happened to be looking at a job post the other day in the Lake Michigan ish area, sort of a summer vacay/resort area I guess, and as I normally do before wasting my time tailoring a resume for a job I’d be relocating for, I glanced at the apartment hunt websites for that area.
There were four results WITHOUT my ‘in home laundry’ filter. Three of them would only be available until about May, so about two 1/2 months from now, when peak short term rental season commences there. So, while the places were relatively reasonably priced compared to where I am now, what exactly would you do once you’re forced to move out in favor of the vacationers? Hope to find something else in the area that’s affordable, available, and not going to boot you again when the season changes? The ones that came up weren’t even all that close to where the job would be, so 20min MI winter commute eventually, on top of housing uncertainty. Needless to say that job posting was closed all too quickly.
I just moved to the Smokies for a new job at a resort there. This is so true, so few houses to buy because they all turn into short term rentals.
And I’ve even been in the situation where I’ve tried to ask if I could rent long term from any of these Airbnb hosts when I was trying to find a place to live. They wouldn’t let me rent unless I paid up front in full. I was paying month to month, and they would kick me out whenever someone else would book for a weekend. It was horrifying.
Yup. I am right smack in the middle of Disney & Universal Studios. The only long term apts (new or not) are luxury. There are only 2 rent restricted complexes. The waitlist all around Florida is 2 yrs. They won't even open up section 8 vouchers.
That’s fine. You’re not entitled to live in a ski resort on someone else’s property. The problem arises when suburbs of major metro areas have home and rent prices double in 4 years and they have more Airbnb listings than MLS listings. It’s proof that the market would be cheaper and more competitive if there was no AirBnb. You don’t need to rent in aspen. You might need to rent in the woodlands Texas or palm beach Florida or Dayton Ohio. Those are job centers 🤷♂️
Corporate greed is another factor in driving up the prices of homes. Some corporations have 1000’s of homes and are constantly buying and driving up prices.
As someone who lives in a rather famous tourist town in a region whose main economic driver overall is also tourism, AirBnB and similar rapid rental services are simultaneously bleeding local communities dry by driving up prices and killing local hotels as well. The public school district here has downsized multiple times in the last decade and a half because nobody can afford to live here anymore-people are moving out.
Oh hey the video is literally about the Hudson valley region. I… really should’ve seen that coming.
Problem is that this is allowed in too many places. In California, the cost of housing is ridiculous, be it buying a home (it's common knowledge for long-time homeowners that, were they to try to purchase the house that they own TODAY, they most likely wouldn't be able to afford it - not by a long shot) or long-term renting. Yes minimum wage IS higher in CA, but still not nearly enough to be able to make rent in many cities. Too many homes are bought by corporations and many are used for things like AirBnB. There should be zoning for homes used ONLY as short-term rental in every town, and nowhere else. So, in a regular residential area, that should just be illegal. (And make it a SMALL area, halfway decent, close enough to shops, conveniences and some touristy spots, but not in the BEST areas, since those should be for residence, nor too close to an area that have a lot of small, local businesses). "Regulation-Free" is the problem. We need much more common-sense regulations in this and more industries.
If AirBnB denies data or otherwise refuses to cooperate with cities, then that city should be able to simply BAN ANY short term rental outside of actual hotels and motels. It's time that government regulated corporations, not the other way around.
People who own Airbnb’s don’t live next to them. They’ll tell you short term renters are better because they can get rid of them if they are bad. The hypocrisy and greed are nauseating. Pure greed.
Portland OR. got a handle on ABNB years ago. You can rent a room only if you live in the residence.
That shit hole city doesnt have a handle on anything. Piss shit, homeless and opiates. But hey, at least they limited Airbnb
Market restrictions like this, even if they seem like a good idea, usually just cause market inefficiencies. If some one owns a unit and wants to rent it to someone forr a short time, why shouldn't they be able. The free market is a good thing. The predatory nature come in the monopolizatino of land by land owners. As long as the value of land is taxed away, let the owners do as they wish with the land so as to maximise the ability of the free market to maximise value. The LVT to properlly compensate society for the land kept from their use.
I just rented an airbnb in portland..single family home. Owner did not live there..always a loop hole
@@RavenMyBoat, You're braindead.
I agree with lots of your comments, here is another perspective at least here in CA. We rented the other side of our duplex long term to a guy for a really fair price, who during COVID immediately quit his $45 an hour construction job stayed home payed nothing, rent, utilities etc and worked on his truck for 18 months. The state would not let us or anyone else in our situation evict them, I am just a hard working guy who drove off to work at 6am knowing I am paying everything for him. Today we short term rent the place and would never go back to a long term tenant, I am not in love with it but its way better than having to endure that again and many of my neighbors are doing and say the same thing! Empty or just family and friends staying is better than long term in CA so if you are looking for the problems many of which you stated are true be sure to include this because it is huge.
Besides, air " b and b" does not serve breakfast!! It should just be air B
holy fuck your right
@@Akac3sh 😊😊
I mean sometimes they come stocked with food. Or if you rent just a room I'm sure the host would have breakfast with you 🤷♀️
@@gabbycurtis6965 awkward, but I guess that is breakfast
@@michah321 I mean traditional bed and breakfasts are kind of awkward too.
Airbnb should be forced to go back to it's beginnings, where people would rent an extra room in the place where you live. And are not there when the guests arrive, it should be illegal.
A similar situation is happening in cities like San Diego, where corporations are buying homes and adding second homes on the properties called ADUs. It’s time somebody investigate this as it’s also causing property values to go up even though they claim that these ADU’s are “affordable housing“ whatever that means, it’s not
They have just done the same in Denver, Co. Everyone is trying to have the laws changed for AB&B’s, even Congress is trying to pass a bill on it!!
My town has a housing shortage. Some of it is probably Airbnb, but I think most of it is the lack of affordable housing. It's just not being built. Most of the new housing being built is for upper middle class folks from a nearby major city of which my town is a popular suburb.
An $800 rent increase?!!! That is not exactly a happy ending.
This is the real story, this nation has a dire housing shortage and people who are being proved out of where they want to live are outbidding people living in less desirable areas. The solution is to build more housing and get rid of any unneeded laws or regulations preventing the building of new housing
In our small tourist town, affordable housing is the biggest need. Upgrades turned into B&Bs make more money. Transient visitors looking for us to entertain them, not invested in community maintenence and well-being, it’s getting outta hand.
So issue a bond and build some?
The problem here is often zoning restrictions. If there is demand, people will want to build higher density housing. Another major barrier is the lack of land value taxes allowing land speculators to keep land unused because it is sufficently profitable to hold the property until the land becomes more valuable. This is the problem that georgism addresses. Georgisim is, imo, the only fair way to tax.
That's literally why you shouldn't live in a tourist town. Maybe don't live there? I know for a fact you could move somewhere else and instantly have more value for your dollar. Stop blaming people for your lack of ambition to make your life better.
@@rickwilliams967 You assume a lot. Maybe she has a business that caters to tourists, maybe she's lived there for 25 years. Nothing says she has a lack of ambition. Affordable housing should be a concern for everyone.
You forgot to mention all the hedge funds buying up residential properties and how much they currently own.
Yep. Biggest crime spree in America right now.
I'm so happy that British Columbia is banning these kind of short term rentals.
I'm not against Airbnb as a concept, but the company needs to respect short-term rental bans wherever they exist. They should not be above the law. If my HOA forbids me from renting to long-term tenants with the threat of legal action, why aren't short-term rentals treated the same way?
I oppose HOAs as deeply criminal vile entities however I understand what you're saying. These Airbnb host / owners should definitely not be above local law.
Don't bother quoting HOAs, that's like using Satan as an arguing authority
I love how the new economy high tech companies don't think that the old rules apply to them!
I know that most videos on this channel are a big bummer…so let me share a HAPPY story on this topic.
A small, but not inconsequential number, of college students flood into my town every year. And this small town doesn’t have much in the way of rental stock. So if there was overflow from the dorms at those two colleges (we have two colleges!) most if not all of the available rentals were gobbled up. And some of the regular housing market was too, by the colleges who bought up houses nearby their campuses. The town knew that it was just a matter of time before folks were going to start short-term renting with whatever land they had (or could grab) and horrible spiral down would begin.
So the town put in some regulations on short-term rentals. And one of the colleges made some bigger dorms. To raise funds for the shiny new dorms, that college sold off their properties in the town. And that freed up the small house that I bought. I’m gonna retire here.
Regulation works!
congrats
Who is actually visiting this town? It looks like the middle of nowhere and run down. What is the attraction to air bnb there?
Not sure. It feels just like the NIMBYs that are in any town. There are a few too many holes in the arguments against Airbnb.
The problem predating before its inception is already indicative of gentrification happening around the country.
The tone of the video sounds like it needs a punching bag for the first thing that comes to mind. If it isn't a short term rental it will be a luxury apartment, if it's not that; landlords will raise rent because there is an influx of attractions or the area has been gentrified.
There's a larger issue outpacing just a housing shortage
@@devonforsure260 I always judge it by the advocate of a policy showing me where the policy has worked. If there policy was fully implemented and it did not do what they say it should, then the policy is baseless and they should stop pushing it. Candada has tried foreign ownership bans... that failed. Many cities have essentially banned short term ABNB rentals and it has not done anything for anyone. These issues lead me to believe that the whole issue is a scape goat for other bad policy.
i think its on the hudson river and its located in the hudson river valley which is gorgeous. Maybe they stay for cheap in newburgh and get to explore the other towns on their vacation or go to event/attraction in the area. its aimed at people stuck in apartment boxes in NYC metro and want a cheap 'getaway' weekend
Why would you stay in a sketchy apartment when it costs the same as a clean ( hopefully) hotel room. Its not cheaper
Not anymore. And as we get older and need things to be more accessible, hotels with elevators or first floor accessible rooms are much better for us.
@@TamarLitvot that makes sense. But I trust regulated hotels over people's houses any day
@@michah321 I agree. And also I've heard that it really hurt the unions in Hawaii when the AirBnB and VRBO etc took off and the housekeeping people ended up being contract employees with no benefits.
@@bernadetten.8751 in that situation I could see it.
Greed destroys everything.
Love of money is the root of all evil, and all that. 😬
Greed, pride (status), gluttony, and envy are the true roots of evil
@@MrStark-up6fi I like how you clarified right off specifically pride as status because there's also pride in accomplishments which isn't toxic. And you're right, all these things are enhanced forms of selfishness, which absolutely does hurt everyone around them.
Same here in Australia.
Isn't it amazing this issue is worldwide. Airbnb is making rentals everywhere to expensive and far too many people are becoming homeless.
There are almost 30 times as many empty homes as homeless people in the U.S. We don't need more houses, we need less greedy corpos buying up houses.
in our current society model...
you can't have rich without poor
you can't have power without followers/slaves
you can't have a great nation without having many other starving nations
you can't have an advantage without others being severally disadvantaged (no regulation)
The current model very much is win/lose and that's why I don't support it. There's no reason why everyone can't benefit at the same time. I'm not saying everything will be perfect that's impossible but I literally see no good reason why all business transactions shouldn't be required to be win-win & all workplaces shouldn't be required to be win-win and meaningfully participatory.
Imagine the benefits this would bring to society if we had a simple paradigm shift. What's wrong with a value system that demands that everyone benefit? I mean why are some people entitled to "win" but because, I don't know, the universe doesn't like them or they're less worthy or they're the the wrong race or color or ethnicity or class, others are just "born to lose" and they just have to suck it up and accept it? No way that is not my value system I'm not going to accept that. And for some people that can't seem to get it, it doesn't mean that we're all going to live like rock stars or everyone's going to have the exact same level of wealth that's impossible and I wouldn't want that, it's that the fundamental business model needs to switch from win/lose to win/win, same as the workplace, whether you're in the public or the private sector. There is no reason why everyone can't meaningfully benefit from a particular arrangement. In fact in my opinion, it's not an ethical arrangement unless everyone does meaningfully benefit.
Maybe some will benefit a little bit more than others that probably can't be helped but there's no reason why everyone's basic interests can't be looked out for, this includes the public's and our communities' (our collective health and our physical environments)
I don't need to go too macro but just imagine if we had a positive mindset towards other countries instead of an exploitative one but that's getting into a bigger political issue. But you all can see where I'm coming from.
That's capitalism
That's exactly what I'm writing my book on. We demolished monarchy just to have a new name for it under capitalism
@@leeannarose6384 exactly.
@@YourCapyBruv_do_u_rmbr_3Dpipes well said!
I say tax the $hit out of them to where it's unprofitable along with making banning anonymous real estate purchases through shell corporations.
That’s not smart at all that will make it hard for people to become wealthy . Also more Tax’s less money for you it always goes down to you never forget that
I used to work near an AirBnB back in NOLA, the hosts didn’t know, that when they run an AirBnB they have to run it like a hotel. Most are disruptive to everyday local and resident life from increased rents, illegally parking on neighbors’ driveway, security issues ie strangers or shady people near the residents’ home, trash everywhere, vandalism, etc. Those hosts and developers have no idea how to maintain and run the place.
Correct. My family ran a small motel they built for many years and it is still open under new ownership after my parents retired. Innkeepers in our state had special laws they had to follow that some other businesses do not. We bought a special legal book to help us run it right. People who think properly running anything open to the public like that is just sitting back and taking the money is sadly mistaken. We even asked neighbors later if the new owners were running it OK as far as they were concerned. They said yes. it's one of the things we insisted upon, but couldn't really enforce past a certain point, when we sold it. They were a family running it as well. They cared past the money.
That is a misconception. I've been a host for 8 years. Nothing you said Is true about mine or the other 300 in the area.
100s of thousands of people live in my area, the 300 Airbnbs are not making even a small dent in home prices or lack of affordable housing. That is figured by interest rates, and the lack of houses being sold. My sister has a 3.5 Interest mortgage rate she does not want to sell and take on a 7.5 rate.
Thete are so few houses for sale because of that reason that the ones that are for sale are being price Inflated because there are so few for sale people who need a house are willing to pay the price
I had a friend tell me how he planned to turn his home into a BNB even though there's no real reason for people to come into our home town and I know the neighbors would hate it.
I'm actually quite surprised. All these airBNBs are commercial ventures.... the land these structures are on is not zoned accordingly. How is it that the municipalities are not requiring these commercial businesses to tear their business building down and build a dwelling consistent with zones requirements for the area????
Easy fix if you ask me.
Airbnb needs to become illegal. We have a HUGE housing problem and homeless problem in this country.
The story of capitalism is essentially a cat-and-mouse game of business excess/abuse and regulation to hold them to account. I used to think that Peter Drucker's idea of businesses and organizations policing themselves lest government step in to do it for them was possible, but I now think that businesses the world over have pretty much given up on this idea, especially when there are competitors in Asia that get ahead by being as apathetic as possible to fellow humans.
Also: There's legislation in CA that is proposing strict limits on short-term rentals.
love it when they evict a tenant to turn it into an Airbnb and then it sits empty most of the time earning them nothing LOL
airbnb needs to GO, full stop. No more greedy owners or institutional investors.
Whether it's the sole cause or not, it is a cause, and they won't weasel their way out of this one. Ban or regulate short-term rentals.
Market freedom is a good thing. People should be able to serve markets. Jus ttax land and do zoning reform to allow denser units and more mixed use. That will fix the problem and allow more freedom for people to do as they wish with their land.
Airbnb and short term rentals are not the main reason housing is out of control. Look to your local governments for that with their zoning laws.
Like quite literally you can’t build starter houses anymore thanks to zoning laws. People don’t want til the he price of their homes to go down because someone built a 1000 sq ft house near it. So all the homes being built are out of reach for someone’s first home.
But on top of that local governments are from my understanding broke. Hence why every town I’ve lived in the last few years has raised property taxes 10-20%. It’s why my current town is looking to tax college kids. These small communities will get more money from taxes by having the new builds all be larger and again out of reach for first time homebuyers.
The only thing that can relieve housing prices at this point is increased supply. But at this point no one wants to sell due to the low interest rates they are locked in at so all that can be done is build. But yeah good old local governments and Karen’s complaining whenever anything is built.
I had a really bad experience with Airbnb and will NEVER use them again!!!
This guy is spot on! A B and B should be defined to be an owner occupied dwelling, renting no more than four rooms for less than 31 days. Otherwise it is a long term rental or a hotel. The model of "disruptive technologies" such as Airbnb and Uber, is to offer the same service that is being offered already, only without the safety of the regulations by "redefining" the service.
800 more in rent is insane.
I'm so tired of landlords being greedy.
We need a regulations on Airbnb and significant rent control everywhere.
If you're looking for who broke housing I'd be looking at Countrywide, Mnuchin and pals.
Certainly they're part of it
All cities have to do is charge the same tax on Air BNB rooms that they charge for hotels, Make those owners pay their fair share of taxes juts like hotels do. When the Air BNB rental with no room service, no maid service & no amenities costs as much as a hotel room, the public will stop using Air BNB.
Many ABNB listings are already as or more expensive than their local hotels. And people still book them, though it has discouraged some.
“This is how we stop them.”
“In the end, Rene and his family were able to keep their home, but only after negotiating an $800/month rent increase.”
Jesus, that’s bleak.
It’s rough out there, and getting rougher. 😔
This is why renting is a losers game in many cases, if you are planning to be in one place for the long term and you can afford it owning is preferable
Lol so when the coffee shop isnt built and the building remains a boarded up crack house he is the first to say, we need development! The moment its a coffee shop he cries, gentrification!
I lived in Beacon (other side of the bridge) in the '80s. Upon returning to visit the one friend I have that still lives there, I was simply astonished. What was once a very modest, picturesque small town has been turned into a facade of fake businesses and fake affluence that can only exist because these real estate/financial frauds have managed to churn the whole region while forcing the people who lived there for generations and built the "vibe" the parasites sell, out of their own community.
Literally everything is far worse and costs at least 10X as much.
And when people notice that they're paying way too much for nothing special, they'll move on and another American town will sink into the toxic swamp that the financial industry created.
Too Big To Fail is too big to exist.
just wondering about the 10x price increases...you lived there 40 years ago, so it makes sense that things have gotten more expensive. It's inflation. Are you glad you moved or do you think it is still a good place to live?
@@goldbrick2563 I'm not the best person to ask since I didn't like it enough to stay there, then. I was transferred to New York from the west, and after < 2 years jumped at the chance to get away from the east coast.
The fact that anyone can buy a house as a """side""" hustle is insane. I don't know how people do things like this without feeling like absolute shit.
Unfortunately a lot of them come from backgrounds of privilege and lack empathy. There's a dedicated section of Tiktok where people brag about how much they make off of being landlords, making airbnbs, and kicking out single mothers for content
That is a significant oversimplification.
Currently it is very difficult for "anyone" to purchase a home. Even if you have incredible credit score you'll need 20%+ down. If you don't have that your blocked out the gate. If you do have that you can expect thousands in closing fees and outrageous interest on your very high payments. If your plan is to bnb then you better have a well oiled strategy with many clients booked immediately. (Good luck)
@@j.jarvis7460 These are not individuals who are buying these houses, who would be affected by the factors you mention. These are banks and investor groups, who have no problem at all buying these properties.
Maybe unions can build homes, sell them at cost.
@@danpress7745 that is the most uneducated view...
comment section is lit.
Lots of lady bits down there
Hotel lobby is very actively working on spreading anti- Airbnb. They are the ones who lost the most. I have both annual renters and Airbnb . Both are good. It is an investment so as a landlord I’ll try to maximize profits and provide value and help in built a community. I have good long term tenants too. If you have multi- units then it is better to have long term tenants. Annual lease rents have gone up because of building maintenance costs.
where i live, investors bought up a bunch of dilapidated crack houses and fixed them up. I am an uber driver so I have seen a major improvement in the neighborhoods because of air bnb. None of these clowns who are complaining about lack of housing would touch these houses. This is why they will be forever renters.
Its almost as though people that can't afford to rent or own a home also couldn't afford to fix up an unlivable house. You need skills, time, and money to fix a dilapidated home. Many poor and working class do not have expendable time or income, nor do they usually have the proper skills, to do that
@@monsterglacier good thing a lot of hard working, family oriented, mostly religious people are coming across the border to replace the people who are not willing or able to fix up their neighborhoods.
Gentrification hardly ever works well. Those short-term rentals undercut the hospitality industry like Uber wrecks real cabbies' livelihoods. These secondary industries often don't have the regulations that the professionals have had to follow.
Controversial opinion, but just ban all rentals? That would cause the sell-off of all that rental property, driving down the price, and letting people into the housing market. Plus statistics show that homeowners tend to be better citizens, owning a home means someone is invested in there community, and so there more likely to vote, participate in charity, less likely to steal or commit other crimes.
I don't know if that's been tried
It would be cool if communities could do housing co-ops. Instead of companies or rich people buying investment properties, allow the community already there to do it.
They could set up an infrastructure that provides affordable rentals with programs for home ownership (which creates buy in to the cooperative).
Neighbors could have incentives for keeping properties maintained, upgrading homes to renewable energy, etc. Monies would be put back into the community with the neighborhoods being the shareholders who receive benefits back for their own mortgages, taxes, maintenance and upgrades.
It would be a complex program and would need loads of thought. But that would help way more people and revitalize cities without displacing residents.
Right now, affordable housing programs really only profit developers and landlords who already have money.
Sure, they provide rental payments for low income Americans, but rental money goes into the pockets of somebody who already has money, usually. They get to use that money to pay off the mortgages and pay the taxes for that rental property and then still have a large profit so they can invest in other properties. Meanwhile, the individual who is low income often stays at that level. We are so opposed to giving “free, handouts“ that we in advertently keep people in poverty.
I mean, if the parents in that family cannot rise above their circumstances, and actually purchase a home, it is a barrier to generational wealth. They can’t take out equity mortgages to help their kids with university, make a down payment on a home or have funds for an emergency.
If only HUD had more programs that created better pathways.
The cooperative housing I’ve researched are also not affordable - where I’m at, it averages $600K+/unit.
Housing is always affordable to someone, just maybe not you. As long as there is ENOUGH housing, then affordability will not generally be an issue except for the extremely poor
That's a wonderful idea, but America doesn't like socialism for some reason
@@The_left_hand_pillarthat is definitely not true. Only the extremely poor benefit from housing programs, and waiting lists in most places are years long. Working class, which use to be middle class, can not afford to own a home and save money for their kids or their retirement because even though we make the money we make it's not enough. On top of that they say we don't qualify for assistance because we make too much money. Up until the 90's your statement would have been true, but not anymore
Please don't. Air bnb is the only way we can travel with our rescue dog. Without them we would never have been able to move when we get laid off and have to get a new job
Airbnb used to be good but not anymore. I'm back to hotels.
Several southeast Asian countries are now blocking Airbnb which I support.
Only you are. Airbnb is still cheaper n keeps greedy hotels in check.
I live in Baltimore County, MD. I am grateful my rent is not jumping up as high as the gent in the video, but it is still jumping. My rent is jumping $200 a month starting May. There are no affordable apartments that are in a safe area near me. Even with the minimum wage going up to $15/hour, it is unaffordable for low-end income earners to get an apartment. And there is no money available for Section 8. We are using savings and are looking for options to increase our income, but it is very hard. We have lived here over 13 years here. We are making an escape plan to find a more affordable home.
Wow that is shameful. You should not be going through that right now. For such a long-standing tenant shame on your landlord for not working with you. They don't appreciate any goddamn body.
Without rent control this problem will just continue.
I don't mind landlords making a reasonable profit but I know they're going way beyond that. They should not be able to set the cost of rent!!! Absolutely not!
City leaders complain about homelessness but do nothing to make sure people can stay in their homes. The public management in this country is broken.
Maybe you guys can swing an extra $50 a month but not 200! Perhaps you should ask them if they'll work with you. But if they won't, shame on them. You deserve more appreciation for being a steady dependable tenant for 13 whole years.
Rent increases on existing tenants should be very limited. People's incomes rarely change meaningfully. No one should be priced out of rent. If a LL wants to charge more to new applicants fine but existing tenants deserve limits. People shouldn't have to uproot their whole life just because they can't come up with a significant rent hike, especially if that person is low income. There should be protections against that.
As a traveler : I usually prefer any hotel (even 2 star will do) but past few years even shithole hostels raised their prices unreasonably . That automatically makes me look for alternative measures such as Air bnb (which is pretty expensive too) .
As a landlord : extremely high price for the property , rising property taxes, rising maintenance and hoa fees leave me no choice but to break down my house by rooms and rent each room separately just to cover the mortgage . I don’t Airbnb my property simply because it's not desirable area. Airbnb property is huge headache to maintain , it’s not a gold mine and landlords are not demons (in most cases)
It would be awesome if things started happening to all Airbnbs across the country making them unrentable.
Taking more potential housing off the market? Why? That would only benefit competing real estate speculators.
The business model of hoarding homes, driving the biggest bubble in history and trying to extort people to live cannot go without very nasty consequences.
"It's a great idea because it can attract tourism to overpriced and underdeveloped areas."
Airbnb problems for cities w/o sufficient affordable resident housing. Use eminent domaine to reclaim these 'vacation' homes.
I just want to know where the gentrification stops. “Improving the neighborhood” …. You can’t improve any more neighborhoods if none of us can afford to live and work in this country. I get cleaning up drugs or crime, but displacing hardworking Americans has become the goal of these cities in the name of profit at this point. It’s disgusting.
Airbnb destroys neighborhoods
Thank God 😭 we severely needed rental help
Show up to your city council meetings, ask them to ban airbnb
Show up to city council meetings, push for Unions buying homes, rent them out at lower rates.
This story is rather one - sided. Not everyone who rents out their home through AirBnb is “an outside corporation buying up all the affordable housing.” Some are people who worked a lifetime to be able to own a home. Then, for whatever reason, need to leave that home (temporarily or permanently), and choose to rent it out via Airbnb, rather than sell it, and lose it forever.
Their complaint is a double edge sword, meaning, when they go on vacation to other areas, they will face similar complaints and regulations, which cause them to use more (potentially) costly lodging options (i.e., hotels/motels/etc.).
buyin an existing dwelling to rent to others, or "rental arbitrage", is reprehensible at this point... and private capital/companies/investment groups/etc shouldn't own any dwelling they didn't build... but these are issues we can work to fix w/o indiscriminately throwing a shit-blanket over all vacation rentals. people are rightfully pissed, but staying in a giant corporate-owned hotel chain in-effort to "punish" Airbnb/vrbo/etc isn't the solution either (see this a lot in anti-airbnb comments). quite a few strugglin, low-income people need vacation rental income to survive... with healthcare diminishing, no more pensions or retirement, and the likely plundering of social security, it's only gonna get worse for those too old or disabled to work.
Who wants to short-term rent in Newburgh? There's nothing interesting there...
its cheap and close to nyc.
I see the regulations as a good start but it’s only dressing a bandaid over a shotgun wound. I don’t want low income communities to have access to housing, but it’s shitty, decrepit, and falling apart housing. We need a public housing system that addresses the shortage problem and subsidizes housing for basically everyone. You can have nice quality housing without it being overpriced and out of reach.
Absolutely
Wrong. AirBnB is lowering travelling costs, brings more tourists into town, that spend more money to the locals. A lot of people can't stand the boring motel rooms. The best AirBnB is one, where you get a guest room in a home where people are living. The other benefit is renting a home that you temporarily can't use but dont want to sell.
Thank you for this very important episode.
If hotels would put in kitchens, it would be over for airbnb tomorrow
No it won't since hotels are shit expensive. Look at whats happening in nyc after banning bnb. Hotels greed shoot to another level
One of the ads shown before this video was for VRBO (fancier Air B&B).
Referring to the last comment about his parents not being able to hang with their parents so he wants to keep his family together for as long as he can.... You don't owe that to your parents. Regardless of the reason, they left their parents in search for something for themselves. Why wouldn't you do the same for yourself to lick their wounds that came from their self-preserving decisions when it is obviously taking a toll in your health for putting them before you. It is not rational and it is not helpful for anyone. Maybe leaving them and finding yourself could provide way more for all of you. I say this with love and compassion because I relate. Knowledge and knowledge application is the way through
I looked up Airbnb in my area. THANK GOD it is between 80 and 90 percent lake cabins. These are mostly unoccupied most of the year, anyway. Our town population quadruples in the summer historically. They up the price of gas and groceries. Looks like it doesn't affect our rentals. I did notice on Zillow that the prices have skyrocketed on lake properties, though. But long term resident's don't really purchase those, anyway. Those houses are four times and mire expensive than a house just a few blocks off the lake or in rural areas. The rich have dominated our lakes for decades.
I’ve only ever heard stories about the SUPPLY side of AirBnB. No one ever talks about the demand side. Capitalism seeks the highest return on resources, so if it’s STR’s, that’s where the money goes, until the market shifts. If you’ve noticed, AirBnB is effectively a home rental on a short term basis service, not a room let service as it was founded. While Airbnb won’t add anything about the impact on the local community to its listings, we need to be educated about the impact the consumer (demand) is having on pushing capitalists to convert houses to STR’s.
AirBnB started out as something good with people getting a little extra money by renting an extra room or space and visitors on a budget getting a cheap decent place to stay. But it became big business and took over neighborhoods. We rented a couple of AirBnBs early on and it was great -- e.g., a guy would move in with his girlfriend and we'd have his apartment for the weekend. But we don't do it anymore because it's so unpredictable and unreliable, and because of hearing how it's ruined whole neighborhoods and made housing unaffordable for residents.
honestly all the space you get with an airbnb isn’t worth it, the increase in prices and we aren’t even guaranteed safety and more than one parking spot not to mention hidden cameras😂 hotels are straight forward, discreet, safe, and are usually in the vicinity of restaurants & attractions.
I just saw a Business Insider article positing that the housing crisis in Steamboat Springs, CO is being caused by “remote work” so out of curiosity I looked up how many Airbnb listings there are. There were well over 1000, and if I felt like digging more into the data there I’d have to bet that remote work has little or nothing to do with what Steamboat Springs is going through 🧐
Wonder how many of these Airbnb owners are actually foreign investors...
I have done contractor work in about 100 rental homes. The most desirable rentals are the small cozy getaway homes. The same properties that normal people are struggling to buy. Capitalism is the closest thing to an unstoppable force we can imagine.
You're mixing "corporatization" of neighborhoods with gentrification. It's the big corporations buying housing and removing it totally from the market for use as a home or rental that is the problem. That is what is cutting into the affordable housing.
Its the mega corporations that are also razing older housing to build mcmansions and shopping centers.
Blaming Air BNB is just an attempt to reduce smaller, localized competition.
You watch too much TV when you conflate gentrification with the corporate conglomerate takeover of neighborhoods. (Yeah I watched that episode, too).
Thats why they said ABNB is "part" of the problem.
@@seeyditti
Except they failed clarify that, and they're carrying the water for the big interests causing the problem.
They (and you) need to stop.
Because corporate ownership of homes should be illegal.
This is out of fucking hand.
Outlaw air bnb. It's a matter of greed.
Newburgh was always expensive. I grew up there. I love Newburgh but i settled in PA because i knew i couldn't afford Newburgh
did you parents work at IBM? i had a friend that grew up there, too but he moved to our community when his dad was transferred from IBM to our town and state, which also had an IBM.
@@goldbrick2563 my dad didn't but LOTS of dads did and my step grandpa did his whole career. IBM pretty much built most of the Town of Newburgh indirectly by employing so many people
$800 monthly increase means they are paying $10 000 more every year..wow that’s a lot!!
Same thing is happening in Troy, Ny it’s getting expensive.
My parents left Stonybrook NY for FL in 1993 because the taxes were just insane. Moved to a small farming town surrounded by orange groves and cattle pastures. Now its practically just an extended area of the big city shits crazy.
they should move back to stony brook, its still the same and better. they will have to deal with the taxes but it is nicer that the florida area you are describing.
@goldbrick2563 well we own the house down here and my dad passed away years ago so that just isn't an option. I appreciate the update about Stoneybrook though.
@@worldofdoom995 sorry to hear about your dad. It sounds like the hard decision he made in '93 to move away was the right one for your family at the time and it was a great time to be in Florida, too. Definitely the North Fork area has a high standard of living and doesnt face what other parts of new york face as far as homelessness and crime and drugs and sprawl and density. But it is expensive obviously. I'd take florida weather over new york weather any day (except the summer months lol)
$800 INCREASE PER MONTH~ How is that a win? lol.