The Truth Behind Airbnbs in Puerto Rico 📈 🏠
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- Опубліковано 14 чер 2023
- San Juan Locals share how Airbnbs in Puerto Rico are driving up the cost of housing, reducing housing availability, and limiting access to public beaches on the island.
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More than 1/2 of the island of Manhattan, New York, is owned by foreign investors or ex-patriots that have moved to New York just like people are moving to Puerto Rico. This is inevitable however, as a few of the people interviewed, said the public areas such as beaches must always be accessible to all people, nobody should be restricted from using the coast. That’s just wrong.
I have no issue investors coming to the island… the issue is Puerto Ricans between ages 21-50 (majority of the working class) can’t find homes at all in the last 3 years. All that there’s left are destroyed/abandoned houses that need extreme repairs, which most of Puerto Ricans can’t afford.
Here’s why I’m okay with investors coming to the island, they come fix these properties or remodel houses, that they’ll sell within 5-7 year to re-invest in other businesses… while that happens there’s nothing available near the coast or accessible prices.
Its no different no matter where you go in the world. Investor put up capital and time and knowledge to advance themselves. The real question is why isn't anyone teaching the locals to setup a airbnb. This is pretty straight forward. Yes, I'm Puerto Rician and have family on the island. Funny, but it's the island residents that are actually selling the property to the investors. But that's ok, everyone just in it to make money or not? 😮
Well its definitely like this in the US right now, idk about the whole world. I don't think many puerto ricans have the disposable income to refurbish their housing and turn them into Airbnbs, and then also have enough income to buy/rent a separate properties for themselves...
good video
Thanks brotha 😎
As a Boricua born in Caguas, the real issue is the lack of financial education and discipline. Many of the people on the island only want to eat, drink and party. Very few want to work as most people rely on govt assistance to be able to survive with the bare minimum. Another factor is the political climate which resembles most 3rd world banana republics which basically have the politicians stuffing their fists with money from the treasury and offering scraps as "Incentives" for votes. But the biggest factor of the high cost of goods on the island is the archaic leyes de cabotaje, which forces Puerto Rico to only be able to receive shipped goods only thru US flagged ships operated by the US Merchant Marines, which means shipping costs are overinflated because by law they have no choice.
Thank you for sharing your thoughts! We made an in depth video about the Jones Act that you are referring to: ua-cam.com/video/Yn2BZHRbkrE/v-deo.html
As a New Yorker of Puerto Rican heritage braught here as a child, allow me to share my perspective. Let's not forget that STRs limit the available housing inventory, which drives up prices on an already limited one due to natural disasters and other circumstances, and Puerto Ricans make on average half what Mississippi (the poorest state in the union) makes per year ($47k vs $21k aproximately) and we pay more in basically everything, thus limiting even more our purchase power. The truth is that EVEN IF you get pre-approved for a mortgage, it means nothing because finding a decent place to live is either unaffordable or straight up impossible for us on such limited resources.
Thank you for sharing!!
There's no such thing as Puerto Rico heritage your Americans
From what I’ve seen the airbnbs are in most expensive areas….. areas these people can’t afford anyways. A couple apartments were converted into hotels and it’s getting over exaggerated. 😅
During our interviews, people have shared that Old San Juan use to be affordable to them but not anymore
@@dougkalagian if you go back further enough old San Juan was built by the Spanish invaders and the natives of the country couldn’t live there either. It’s just the way the world works. The people of San Juan voted to become a commonwealth in the 50’s and this is the result.
Just because things “are” doesn’t mean they “must” be a certain way
@@dougkalagian correct. Statehood is the answer….. they were never going to be independent. Just like the Spanish never let them be the moment the island was named Puerto Rico instead of Boriken
Overall, I agree. I plan in the future, hopefully not too far, to construct short-term rental properties. I plan for them to be luxurious, and when I work out the math for long-term, as opposed to the short-term (or even to sell for a profit), the typical working local wouldn't be able to afford such a property anyway.
Years ago, I researched some laws that aim to make available affordable housing to middle-income people, and I found that some jurisdictions in the States offer incemtives to private property owners to put a cap on their rents; in return, property owners would agree to cap the rent for a number of years (say ten, for example) and receive grants towards renovating or building rental property for middle-income people, as well as tax exemptions. These laws came into existence after middle-income people left their towns after high-end properties were built and prices of housing and other goods and services went up.
El gobierno puertorriqueño continúa fallándonos. Si realmente se preocuparan por la gente, eliminarían la posibilidad de Airbnb. Ya no hay viviendas asequibles en Puerto Rico debido a que todos estos inversionistas extranjeros compran todas las propiedades para convertirlas en alquileres a corto plazo.
Is that true in your neighborhood?
Ok the majority of airbnb owners are PR from the main land
Please link source!
I agree that it should be more of a native owned thing, but I don't think the houses need to be only owned by people who are 100% pure Puerto Ricans. What I think should be in place is a limit to how many Airbnb's you own, and if you've owned and lived in the house for more than 5 or 10 years then you can put it on Airbnb. That way it could be for people who really love living and care about Puerto Rico, and so it will be harder for some wealthy jerk with more buying power coming in and buying out entire neighborhoods and is just there buying houses to exploit the island to profit themselves.
Interesting thoughts for a minimum of years of ownership! I wonder if theres data out there showing if AirBnbs are mostly Puerto Rican or foreign owned.
@@dougkalagianmany Puerto Ricans claim it is majority Puerto Rican owned. However some have many properties.
I k ow many people who own STRs and they're really on both sides, Puerto Ricans and foreigners. In terms of percentage, it'll probably be something near 60-40 either way. It's not real "data," it's more anecdotal.
@The Near Horizon I know they did have something like that with ACT60, a website showing who owns what and what properties that are on airbnb. But I think they took it down, probably because PNP wants to keep them safe so that they can encourage more gringos to move to the island to evade taxes.
Bóricuas move to the U.S.A mainland or Dominican Republic. Most of those interviewed sound like they’d like Cuba or Venezuela.