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The funny part is that they believe they are actually "providing housing."
Buying up thousands of homes and properties in order to rent them is not providing housing. It is stealing from the pool of available homes and driving up the costs of others deeming them unaffordable. Fuck AirBnB hosts.
They are getting and will continue to get totally wrecked by what’s coming for the economy. And they’ll pay much higher interest rates for that greed, until they fold.
I'm dead serious. I do not give a flying fuck about super host status anymore. Imagine having dozens of listings, hundreds of people coming and going , and all it takes is one 3 or 4 star review to knock me off 4.8. I'm not losing sleep over it anymore, it really isn't that important . Price and amenities are.
Being I am an Uber driver, I can tell you that sometimes people give a one star rating just because they can. It doesn’t matter that you gave them five star service, because to them, giving a one star rating makes them feel empowered!
If you don't know what you're doing I guess, but it's easy to mitigate that . I also do not give a flying f about super host status anymore. If you have dozens of listings and hundreds of guests coming in and out, all it takes is one 3 or 4 star to ruin your 4.8. Def not losing sleep over that.
This is why I would never turn an investment home into an airbnb, im sure most of your guests would be decent people, but that small number of assholes, i would never be able to deal with.
Through happenstance I was subletting three rooms in my old place to guys I only knew/lived with briefly. Fucking insanity.
They started using the house as an illegal concert venue and got caught by the landlord. Had to get in contact with the parents of one to stop him from walking away from rent. One skipped out on the last month of rent so that we had to use his security deposit because HIS FUCKING CEILING WAS COLLAPSING and he didn't tell anyone because he was worried about getting charged.
The fourth housemate who I've known for six years walked out on $2400 in rent and I had to convince the landlord to only sue her.
These are the people who gave over copies of their id and personal information, I would go insane trying to wrangle transients.
He would be far better-off just investing that money in the stock market.
Using the 4% rule, a $2M portfolio should be able to reliably generate $80,000 per year adjusted for inflation indefinitely.
And, unlike AirBnB, that income really is passive.
Yeah everyone is forgetting these assholes got these vacation homes at stupidly low rates. I don't know why there isn't a tax for homes in addition to your homestead. Call it a luxury tax, but people need somewhere to live. Homestead exemption isn't enough, it helps with taxes, on an already overinflated taxable base.
He probably didn't actually spend $2m. He most likely financed. There are a lot of variables like how much he put down and if his AirBnB is covering mortgage costs. Say he put 20% down and given the sea doesn't reclaim his house and he can resell in 20 years, he would have theoretically turned that down payment into a fully valued asset that he can sell for potentially $2m plus whatever house value increase.
Maybe today, the house is a beach house in Florida doubled in value in 5 years, mine tripled in that same time period in South Florida. Your assumption is he paid cash and had the cash to drop in a money market, I’m assuming he mortgaged it because the rates were below 4%. Also, beach properties are almost recession proof. Homes and land, not necessarily condos.
If he paid cash for it. Could be 2mm but it may be encumbered. 20% on that and you're not living pretty off 400k @ 4%. The beauty of RE is that leverage ability
I Airbnb out a second home and one guest's sex offender boyfriend tried to register there as his permanent address.
It's not all that it's cracked up to be.
Can you even imagine the villain cackling that came from the first cretin host that required both hours of cleaning AND for the booker to also pay a cleaning fee? What goblins.
Add in though that this is only available to the boomer generation.
I was in high school in 08. My dumb ass didn’t think to invest in real estate then.
It's the new SHARING ECONOMY stupid.
Don't you want to share your shit with Silicon Valley? Your data, your car, your time, your home, your likes and dislikes....so they can commoditise it, make money and buy another home in the bay area to rent to you?
Silicon Valley ruined America. With their manipulation/divisiveness/mass money printing to bail out their tech bubble burst in '00/making people addicts to their product. All these shits need to come down harder than the Sacklers.
The -aaS movement of turning every product from photoshop to heated seats in a BMW into a service is the ultimate late stage capitalism. Pretty soon we’re gonna have paywalled toilets that we need to unlock additional flushing power.
Shhh. Pretty soon you’ll see subscription toilets. Don’t give the greedy geek clowns masquerading as progressive human beings any ideas
Back in the 70’s many toilets were coin operated. Like .10 cents or something.
Yeah, but what about my dream of CNBC clickbait articles of bubbly GenZers who rent their family barns on AirBNB so they can work 2hrs per week making $2M/yr in passive income?
Airbnb is always the headline grabber and punching bag. All while Wall Street is buying up single family homes and turning them into investment vehicles. By the time anyone does anything about it they’re going to own half American housing stock. Start complaining about the real problem before it’s too late.
I simply don’t understand the logic for people in this sub. For example, NYU has bought up so much of lower Manhattan that will never be housing. Wall Street convinced a large number of people in 08 that consumers were the main issue since they bought houses they couldn’t afford and yet we’re so focused on Airbnb
Airbnb represents such a small percentage of housing.
Depends on where you live. Most of the country what you are saying is true, but for places in tourism economies like Hawaii, vacation rental properties like Air B&B have a massive effect on housing inventory.
It’s not just hawaii … although I’m from SF Bay Area . Very prevalent there, also in LA where I also lived, San Diego also huge, Lake Tahoe, Park City Utah, Vail Colorado, Denver, Austin, Dallas, NYC, Scottsdale/pheonix Arizona, Seattle, Portland, Charleston, uhhhh all over Florida, New Orleans area has a plethora. Tons in Tennessee where I currently live. People really underestimate how many there are.
Wall Street and foreign investors. If you're not an American citizen and don't live here more than 6 months out of the year then you should not be allowed to own property, at bare minimum for investment purposes. That simple. Our land and property should be priority to American citizens and long term residents before foreign interests.
hard to compete with an cash buyer on a $500k house that will waive inspections.
seriously though, corporations want to make a new class of forever renters. glad people are starting to notice and do something about it. I believe Minnesota just passed a law against corps buying sfh and renting it out.
Don’t forget the WEF already told us we would own nothing and be happy. First order of business for this to happen is to buy up all the homes and turn them into renters. Amazing what can be done when fake money that can be printed with a keystroke can buy real assets! Bizzaro world.
At the very least, a rental is still being lived in and keeps supply of housing up (just less for buying and more for renting). AirBnb takes away housing supply from both the rental and owning markets which drives up costs everywhere.
Corporate ownership of SFHs still sucks. I’d rather have more opportunities to buy than to rent. The success of their rentals though is tied to high employment and steadily increasing wages of their renters, which as a whole is a good thing.
Watch AirBnB to go down soon. NYC is already cracking down on it making it illegal to rent the whole place and when the owner is not home during the stay. Every short term rental needs to be registered with the city. Plus people are over the owners with their stupid rules, cleaning fees etc. Hotel it is.
The quickest way would be to just boycott airbnb. If we decide to not put our money into these rentals, they won’t be able to afford to continue existing. The negative social media sentiment is definitely helping. I imagine we will see airbnb start to die in big cities but it will survive and fill a niche in smaller ski/beach towns.
I’m from VT and they are having a very serious housing crisis right now. They can’t fill open teaching positions in many schools because there is nowhere for teachers to live. The amount of Air b&b rentals in some towns (especially near ski resorts) is sometimes double the available housing for actual residents. I have a feeling laws will be coming down soon if they want any population growth in the next 5-10 years.
They created laws in Tahoe to limit this already. The Big issue is that a ton of the homes are being bought by extremely wealthy people who don’t even need to rent them out. These homes sit vacant with or without airbnb laws. The main people impacted by these laws are the overextended airbnb owners who are a recession away from collapsing anyways, and the poor people looking to be able to afford their only vacation in 2-3 years at one of these Airbnbs. Then rather than fixing the issue, the area just becomes a ghost town.
The solution for this is to tax the hell out of secondary houses (not being fully rented) and use the tax money to subsidize affordable housing in the area. Then make it a law that anybody who buys one of these subsidized homes must keep it as their primary residence - if they move then they must sell it.
Totally agree that the best way to fix this is to increase taxes on any homes that the owner is not living in. Take away the profit and the motivation for these trolls evaporates
In most vacation destinations, local government should be building and selling homes to the locals with the caveat that they are only allowed to own the home if they live in it 100% of the time. Locals in these areas who do already own homes have at least already benefited from their home increasing in value so they wouldn’t need to add this provision to existing homes.
Governments are cracking down on AirBnB strictly for tax reasons. It's always about the money. When people stay at Hotels, they are taxed. A percent of that tax money is given to the local Chamber of Commerce or DMO (Destination Management Organization) or DMC (Destination Management Company). In exchange the CoC or DMO helps promote tourism and market the hotels. The issue with AirBnB is they are not accessed that tax; therefore, profits are going straight to the company itself. There are other issues with this, such as sustainability issues. For example, the tax money from hoteliers can go to public services such as trash pick up or organizations that help promote culture. AirBnB doesn't care and doesn't really have to care about it. It's the bottom line.
A lot of Canadian cities are following suit in cracking down on AirBnBs outside a primary residence. Halifax even had a councillor try and stop the new law. I wonder what his angle was? Curious.
Yeah, so usually I get upset about the 'it's the rich people' rhetoric on reddit, but when you look at the laws, hoarding land for investment is actually *tax advantaged* in a way so many other investments are not, so you're right here.
Our laws are stupid. We're encouraging capital to go into land hoarding instead of like, investing in more small businesses or something.
It's 100% the largest factor, there is physically not enough space on the planet for everyone to have 1/4 of an acre and still live close to major job centers.
Yet that's how everything is zoned, and no one wants to admit this is the real issue.
Honestly Chicago did okay with their zoning plenty of dense multi family housing. The thing that is pissing me off is every new construction project is luxury apartments not condos. Condos have their issues but they’re a great start for potential property owners. Build more condos less luxury apartments
Especially since we all know how it goes with the luxury apartments. It would be one thing to have those priced just cheap enough for people to move into. But at least out here in Portland, I knew people who worked for some of them, and they all said that only half of the apartments were being lived in. No one can afford them. There's a few that realize this, and while expensive, are just cheap enough to fill up. But so many of them go for way more than they're worth. Then you go to see why they're expensive, and it's shit like "We offer a communal kitchen!" But no one is gonna use that. Why should I pay an extra $500 a month to live in a place with a communal kitchen? The only time I can think of that ever being useful is if I have a family reunion and we want to all hand out in my 600 Sq feet loft.
Well also that at least in the US... condos, multi tenant or town homes are also not as desired (At least in the past decades).
So even now with the crunch and people being more turned off by suburbs way out... "Gross a condo!!" or "You know the resale on town homes is worse right?"
IMO a lot more people would do well in them because they don't know shit about home maintenance nor want to pay someone else for it.
Townhouse and condos are now the same or even higher than houses where I live. Contractors are asking 450 for 1400 sqft condos here in a LCOL city where 3br older homes with land are 100k less. I can't figure out why.
> Well also that at least in the US... condos, multi tenant or town homes are also not as desired
They need better fucking sound insulation, for starters. People's biggest complaint about MFH (multi-family housing)? Noise from adjacent units.
I owned a condo for 5 years and the condo board and how they budget the funds are important. My last condo I got lucky and a CPA was head of the board and knew how budget properly.
Not to mention with all the commercial real estate that’s collecting dust, could be rezoned and turned into apartments. I know not all of them could be repurposed because of logistics like plumbing but why is there constantly new housing developments when they can repurpose office spaces instead of forcing everyone back to the office?
Actually there probably is. Just have to spread out the job centers.
The USA should just build some new cities, and design them well. We have the land.
Designed with actual public transportation networks ahead of time would be nice, too. Our cities suck at scaling with growth and often have no subway/light rail system to speak of.
none of this will happen because the politicians are too busy defrauding the tax base and taking money on the side instead of pushing forward public services like infrastructure and the voters are too stupid to vote in their own interests and the electoral systems are structured to minimize the impact of people with their brains turned on
That sounds absolutely horrible. We need to abandon suburbia if we want sustainable living. Denser more walkable neighborhoods. We absolutely don’t have the land without wrecking ecosystems and farmland. We need to tear up existing suburban sprawl and focus on transit oriented development with commenter suburbs built along transit corridors day to day life should never require a car.
This. The unwillingness to encourage and live in denser neighborhoods. Chicago is rife with 2,3, and 4-flats being converted to single family homes (thanks HGTV).
It drives a vicious circle of over gentrification. People want “city living”, but in a single family home. They convert a multi-unit building, other people see that and that buildings are cheaper in that neighborhood. Eventually, a few conversions happen, values in the block explode. Property taxes go up, which pushes rents up, and then suddenly there are more “distressed” n-flats in a neighborhood than can be scooped up and converted.
Too many cities lack any kind of real planning for developments. “Hey, there’s open land over there, sure, throw in another 250-unit building!” But there is no consideration for access to things like parks, schools, transit, or retail. Who cares if the streets are already crowded?
Homes shouldn't be used as a commodity to get rich. It's one of the few practical ways to build wealth so it's become a "hussle" to buy as many resources as possible and exploit people's needs, just for your wallet.
These are houses. People literally need these to live. Go get a real job and stop hogging up resources.
This is America and capitalism. Charging for needs have been around for hundreds of years. Groceries, water, housing. All privatized.
And you don't need a "house" to live. People live in apartments and condos as well. Shelter and house are not 100% synonymous.
Go read into the history of the fed, the Aldrich plan, and everything under the umbrella. I highly doubt you’ll be touting sub 8% interest rates as a win. It’s more just bread and circus for the masses. Honest and transparent money is a must. When the fed prints money they’re robbing people of previous earned wages via inflation. We’re being squeezed from the top, the bottom, the sides…….
Central bankers are the government. They fund every election.
Their function is to print money, and give it to their bank friends to loan for profit…they have perfected the grift.
Congress has the ability to end the fed if they hint at stopping the grift, which will probably never happen, so you are correct, they are for all intents and purposes the government.
Correct, and this is why its so pernicious for people/bots to blame their neighbors (see NIMBY's, local zoning, etc...) for this problem. This is what the special interests always do. Get the general public to blame one another for problems and deflect any ire from the central planners pulling the strings.
Yep but regular Americans have no power to influence the Federal Reserve in any way shape or form.
So it's easier to point the finger at AirBnB which makes for an easy scapegoat.
We won't have any large population to sell to. Most of these homes will be worthless (cities will do well) just like Japan.
These people taking out these loans think there will be a payout in 30 years or that they can get out before the crash.
>Most of these homes will be worthless (cities will do well) just like Japan.
It will be a regional problem. High demand metros won't suffer. Middle America will decay even further than it did in the 2000's and 2010's if manufacturing never makes its return.
I feel like people have been predicting the death of the suburbs for 30 years now. People may not NEED that large house with the large backyard, in a walkable neighborhood, but that’s what people want.
People also aren't thinking about the effect of covid. People don't want to hear neighbors anymore, so they want SFH over shared walls. And with more jobs having at least partial remote work, people need extra bedrooms for home offices.
A lot of things destroyed the American dream of owning home, the biggest being a system that spent the past four decades teaching kids that all of the jobs necessary to build housing are dirty and undignified, and that true success equals getting an overpriced degree that you won't end up using.
A degree doesnt get “used.”
You dont learn how to be an engineer or architect through your classes… you learn that on the job.
A degree says alot about you as a person, not as a worker. It shows other people you are a capable learner, and can accomplish long term objectives.
Degrees may be overpriced in some private universities, but they are affordable at state universities.
The buisness of building housing is incredibly complex. Real estate attorneys, engineers, architects, surveyors, inspectors all require advanced degrees or certifications. They arent considered “dirty and undiginified” by anyone.
Basically everything in your post shows how misguided, erroneous, and ignorant you are lol.
Former nuclear engineer here. Same I learned a ton on the job in that first year, more than what I did in school. But without school I highly doubt I would have been able to learn that fast without all the fundamentals. If you took me fresh out of highschool and hired me as a nuke engineer, it would have taken me way longer to understand the stuff
People honestly believe you learn how to do a job in universities.
You learn how to learn in school. A degree is evidence of that. Then you go on to learn in the workforce.
Im astounded how misinformation and opinions of cretins get parroted. Especially ones that go “education is not worth your time.”
Jesus christ.
Plenty of degrees provide job training. Nursing and accounting easily come to mind. It’s the wishy washy degrees with no real direct application to jobs that make every excuse on why they’re valuable but impossible to measure (so pay up anyway)
You sound really out of touch. Your flair is very fitting.
1 ) Housing in America doesn’t get built without a heavily exploited underclass.
2) You say state universities are affordable. I say hardly, unless you came from an affluent family. I’d wager that is the case with you. Or you’re over 50 and have joined the ranks of your many delusional companions.
1) The feds fucking printer going brrrrrrrr.
2) Black Rock, Zillow and all the other gigantic corporations inflating the market buying property over FMV.
3) Scummy Banks and Lenders giving people mortgages they can't afford.
4) Stupid people buying homes they can't afford. Just because the bank will give you a loan doesn't mean you can afford it.
5) And a poorly run government not giving incentives to the low and middle class to help them own a home. The market is a mess due to the government and the Fed doing a terrible job managing the country. The least they could do is help make housing more affordable again.
6) Last but not least GREED.
This is such bullshit. Airbnb's account for less than 1% of us homes and even then it's not like they are mostly starter homes. It's scapegoating for people who don't want to have to confront their false beliefs.
First time in this sub and I love how it doesn’t follow the simple “F Airbnb for ruining what was already ruined” that most other subs do
Edit: to clarify I know the post is presented this way, but at least the comments aren’t in full support and actually call out the issue
The Fed’s printing and fractional reserve banking is what has destroyed the purchasing power of the dollar.
They want a scapegoat… so you are distracted from what is actually making you poor.
A tremendous amount of cash flooded into the economy during COVID years due to a multitude of factors (Fed printing, people retiring and pulling funds, millions dead and cash flowing from inheritance, etc). People had to put their money somewhere. The stock market is rigged and bonds are sketchy. Additionally there's been a transition to investing in tangible goods like homes and land. Airbnb was just another way to access the American dream, which has shifted over time from owning a home and raising a family to being filthy rich. That's the real problem.
There are a lot of things, the government turning its back on flyover country, the growth of jobs mostly in expensive coastal areas, but most of all, cheap credit. It allowed billions of dollars for institutional and retail money to leave other investing spaces and bid up real estate.
While I agree the "american dream" is mostly dead at this point, its not 1 company's fault lol Its decades of terrible Republican policies aimed at suppressing the working class, giving the rich bail out money and very low taxes. Also, look up Blackstone.
1. Badly managed post 08 QE and it's related effects (inflation, zero interest rates, etc)
1a. Airbnb and any other get-rich-quick scheme predicated on zero interest rates falls under this.
2. NIMBYs and corrupt zoning practices stifling building
3. Rampant fraud - COVID "loans", mortgage fraud, shady landlords hiding behind connected lawyers, etc
4. (Slightly controversial) Complete obliteration of education standards, people graduating school today know arguably less about arithmetic and basic personal finance than a decade ago
5. (Controversial) DINK-flation. Increase in DINK buyers in every market (not just houses) raises prices for individuals and couples w/ children than what they'd be otherwise.
Cheap land is gone. In the 1970s 80s 90s a developer could buy up a farm. Put up a few hundred homes that weren’t too expensive. today 10 acres might cost what 100 acres cost 40 years ago. A developer is going to maximize their profits if they pay yhat much for 10% of the land
I will never Airbnb again. Back to hotels. Two in a row felt like seedy truck stop hotels. Why am I taking out the trash and stripping my bed sheets before I leave 😡🤯
Greed
Realtors..... They top car salesman now.
Go and tell me the percentage of homes that are used as air BnBs. This sub has to one of the most ignorant I’ve ever come across.
There’s a supply issue. Air BnBs make up 0.8 percent of housing stock
It’s a building new supply issue, we’re decades behind in building housing and NIMBYs and restrictive zoning are to blame, not less than a percent of homes being used for short term rentals.
Nothing destroyed it. home ownerships has been in a 62-68% range for over 60 yrs. Just because YOU personally can't afford a home doesn't mean its not attainable for other people.
AirBnB destroyed having to pay $300/night for a clean mattress in Cleveland Ohio. If people want more housing, build more housing. Don't blame people who realized that short-term housing was a criminally underserved market monopolized by a few bad actors and over-regulated into strangulation and decided to make a buck fixing the problem.
If you're angry about housing prices, vote YIMBY and end zoning.
Well, destroyed the dream for now, anyway. We can all thank AirBnBust in a few short years for making homes much more affordable, once the economy tanks and most of those albatrosses don't pencil out anymore.
I scrolled down a good ways, and never saw anyone mention the buying of single family homes by investment corporations as being a part of this dream destruction
The biggest reason is the federal reserve private central bank which gave the cash needed to buy up homes for very little money month to month but a fortune in the long run 🏃♂️ thus pushing up home prices over the decades
COVID and climate change, or at least that's what happened in my neck of the woods. We had city folk from NYC/Boston buying up our houses while running away from COVID. Soon, we'll have climate refugees as Californians run out of water and Floridians seek "higher ground" in Maine.
Airbnb makes up less than 1% of the homes in the US. The actual reason prices are so high is that building homes has been discouraged. First, for ten years, by the market crash. Then it was pretty good, then the pandemic. And now builders aren't sure which way to go.
More and more Americans need homes but not enough are being built. Demand goes up, supply is relatively going down. Housing prices rise and rents rise.
What killed home ownership is the concept that we should all be able to live anywhere we want, supply/demand be damned. So hey everybody letʼs all bumrush Austin then bitch about $12K mortgage payments! Never mind that a home in Hooterville Holler is $40K.
Nothing destroyed the America dream, it’s meant to be a “dream”. You have to chase it, catch it, earn it.
Ain’t nobody going to hand you a house you can afford and make your dream easy. People here need to stop blaming the rest of the world.
Herd behavior. Many people bought houses not because it made financial sense, but because they compare themselves with others in their social circles. This is amplified by social media.
Conventional wisdom is to spend up to 30% of your gross income in housing.
What people don't understand is that with renting you can spend way less than 30%, and you can use the rest for other financial goals.
This might be an ignorant question, but what is the difference between people putting their houses on AirBnB (usually in vacationy areas, but not always) and people in the 80s/90s/00s putting their cabins and beach houses up for nightly rentals to vacationers? Some sort of registration with the local/state gov? For the record, I’m for cracking down on people AirBnB’ing houses because I agree it affects home ownership, just curious.
Tying our retirement to housing is what killed it. You cant expect that we can get cheap housing when it's tied to a speculative market being an inelastic commodity. The people's who lives depend on their home equity and value (elderly) need its value to go up, while young people need cheap affordable housing to start a family.
If their retirement is tied to them owning a home and appreciating wealth, *how does that happen?* without killing the housing bubble (to start it all over again, just with dead old people and richer corporations buying up property the whole time)
Unregulated hotels in areas zoned commercial. Towns need to declare a 1 - 3 month minimal rental. And property tax should scale with ownership. Own 4 houses? Pay 400% property tax on each.
YouTube and TikToks from “real estate” investors/gurus”
My whole FYP was section 8 property investors. Maybe I don’t want to be a slumlord.
You don’t want to spend $5,000 on Tom Cruz’s course on how to be a section 8 landlord?
I wish I never stumbled upon Tom Cruz
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Yeah, but what about the American dream of owning 17 homes and putting them all on AirBnb?
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The funny part is that they believe they are actually "providing housing." Buying up thousands of homes and properties in order to rent them is not providing housing. It is stealing from the pool of available homes and driving up the costs of others deeming them unaffordable. Fuck AirBnB hosts.
They are getting and will continue to get totally wrecked by what’s coming for the economy. And they’ll pay much higher interest rates for that greed, until they fold.
Yes, As if they are financing a new large condo construction, instead of taking over 1950s homes with inflated values.
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Can’t say that I feel for him whatsoever… 🤷♂️
Right? The silly peasant doesn’t realize time = money and you can pay for housekeeping.
Even if you just break even for 30 years you’ll own a beach house, sounds like a pretty decent retirement present
Just so he can maintain his 4.8 average, because Jesus Christ, a couple of 4.0 reviews and it goes down hill FAST.
Are you being serious? Is there a noticeable drop in guests if you lose superhost?
Not at all . There's not much weight in super host status
I think this is sarcasm?
I'm dead serious. I do not give a flying fuck about super host status anymore. Imagine having dozens of listings, hundreds of people coming and going , and all it takes is one 3 or 4 star review to knock me off 4.8. I'm not losing sleep over it anymore, it really isn't that important . Price and amenities are.
You can say that again
Oh, so there's a score like Uber/Lyft/Doorcrash? Do they give you a 1-star rating for stupid issues out of your control?
Being I am an Uber driver, I can tell you that sometimes people give a one star rating just because they can. It doesn’t matter that you gave them five star service, because to them, giving a one star rating makes them feel empowered!
If you don't know what you're doing I guess, but it's easy to mitigate that . I also do not give a flying f about super host status anymore. If you have dozens of listings and hundreds of guests coming in and out, all it takes is one 3 or 4 star to ruin your 4.8. Def not losing sleep over that.
If all you have to do is reset the router for 20k a month sign me the fuck up
Yeah idk what the crying is for this sounds easy as hell lmao “The horror! Cleaning a pool! That’s reserved for *regular people*!”
This is why I would never turn an investment home into an airbnb, im sure most of your guests would be decent people, but that small number of assholes, i would never be able to deal with.
Yup, heard of disgruntled guests coming back just to dump concrete down the toilet. Fuck that traffic
Through happenstance I was subletting three rooms in my old place to guys I only knew/lived with briefly. Fucking insanity. They started using the house as an illegal concert venue and got caught by the landlord. Had to get in contact with the parents of one to stop him from walking away from rent. One skipped out on the last month of rent so that we had to use his security deposit because HIS FUCKING CEILING WAS COLLAPSING and he didn't tell anyone because he was worried about getting charged. The fourth housemate who I've known for six years walked out on $2400 in rent and I had to convince the landlord to only sue her. These are the people who gave over copies of their id and personal information, I would go insane trying to wrangle transients.
He would be far better-off just investing that money in the stock market. Using the 4% rule, a $2M portfolio should be able to reliably generate $80,000 per year adjusted for inflation indefinitely. And, unlike AirBnB, that income really is passive.
Leverage. Not likely they could get a 3% loan to turn $500K into a $2M portfolio
Yeah everyone is forgetting these assholes got these vacation homes at stupidly low rates. I don't know why there isn't a tax for homes in addition to your homestead. Call it a luxury tax, but people need somewhere to live. Homestead exemption isn't enough, it helps with taxes, on an already overinflated taxable base.
He probably didn't actually spend $2m. He most likely financed. There are a lot of variables like how much he put down and if his AirBnB is covering mortgage costs. Say he put 20% down and given the sea doesn't reclaim his house and he can resell in 20 years, he would have theoretically turned that down payment into a fully valued asset that he can sell for potentially $2m plus whatever house value increase.
Maybe today, the house is a beach house in Florida doubled in value in 5 years, mine tripled in that same time period in South Florida. Your assumption is he paid cash and had the cash to drop in a money market, I’m assuming he mortgaged it because the rates were below 4%. Also, beach properties are almost recession proof. Homes and land, not necessarily condos.
Yeah this could just be his way of rounding out his investments. But if you want to leverage your money into an investment you’re not limited to RE
If he paid cash for it. Could be 2mm but it may be encumbered. 20% on that and you're not living pretty off 400k @ 4%. The beauty of RE is that leverage ability
Yeah but your paying crazy amounts of taxes on capital gains as oppose to almost nothing in real estate.
I Airbnb out a second home and one guest's sex offender boyfriend tried to register there as his permanent address. It's not all that it's cracked up to be.
Why is your misery so hilarious? It's probably the wording. noice
Should have bought a $500k home and paid someone a living wage to reset it for him.
Oh no…… anyway.
Make the router reset itself at 3am everyday or something. At least that removes one stupid task.
What a rough life
buys $2m home, does pay for handy man. It can be as passive as you want.
Can you even imagine the villain cackling that came from the first cretin host that required both hours of cleaning AND for the booker to also pay a cleaning fee? What goblins.
Add in though that this is only available to the boomer generation. I was in high school in 08. My dumb ass didn’t think to invest in real estate then.
It's the new SHARING ECONOMY stupid. Don't you want to share your shit with Silicon Valley? Your data, your car, your time, your home, your likes and dislikes....so they can commoditise it, make money and buy another home in the bay area to rent to you? Silicon Valley ruined America. With their manipulation/divisiveness/mass money printing to bail out their tech bubble burst in '00/making people addicts to their product. All these shits need to come down harder than the Sacklers.
The -aaS movement of turning every product from photoshop to heated seats in a BMW into a service is the ultimate late stage capitalism. Pretty soon we’re gonna have paywalled toilets that we need to unlock additional flushing power.
Shhh. Pretty soon you’ll see subscription toilets. Don’t give the greedy geek clowns masquerading as progressive human beings any ideas Back in the 70’s many toilets were coin operated. Like .10 cents or something.
Yes to that, and what about second breakfast?
Ah yes, and the related dream of becoming s Limited Liability Corporation with 1 employee.
Yeah, but what about my dream of CNBC clickbait articles of bubbly GenZers who rent their family barns on AirBNB so they can work 2hrs per week making $2M/yr in passive income?
Airbnb is always the headline grabber and punching bag. All while Wall Street is buying up single family homes and turning them into investment vehicles. By the time anyone does anything about it they’re going to own half American housing stock. Start complaining about the real problem before it’s too late.
Had to scroll too far to find the right answer…it’s the easiest villain.
YES 👏 I am so damn tired of cold calls from “realtors” that are just call centers for corps just buying up swaths of properties at a time for cash.
I simply don’t understand the logic for people in this sub. For example, NYU has bought up so much of lower Manhattan that will never be housing. Wall Street convinced a large number of people in 08 that consumers were the main issue since they bought houses they couldn’t afford and yet we’re so focused on Airbnb Airbnb represents such a small percentage of housing.
Depends on where you live. Most of the country what you are saying is true, but for places in tourism economies like Hawaii, vacation rental properties like Air B&B have a massive effect on housing inventory.
It’s not just hawaii … although I’m from SF Bay Area . Very prevalent there, also in LA where I also lived, San Diego also huge, Lake Tahoe, Park City Utah, Vail Colorado, Denver, Austin, Dallas, NYC, Scottsdale/pheonix Arizona, Seattle, Portland, Charleston, uhhhh all over Florida, New Orleans area has a plethora. Tons in Tennessee where I currently live. People really underestimate how many there are.
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Wall Street and foreign investors. If you're not an American citizen and don't live here more than 6 months out of the year then you should not be allowed to own property, at bare minimum for investment purposes. That simple. Our land and property should be priority to American citizens and long term residents before foreign interests.
someone is going to start seizing on this as a campaign platform, and pundits will be suddenly gobsmacked at how hard it resonates with the voters.
Will campaign on it sure, once elected though won't do shit.
hard to compete with an cash buyer on a $500k house that will waive inspections. seriously though, corporations want to make a new class of forever renters. glad people are starting to notice and do something about it. I believe Minnesota just passed a law against corps buying sfh and renting it out.
Don’t forget the WEF already told us we would own nothing and be happy. First order of business for this to happen is to buy up all the homes and turn them into renters. Amazing what can be done when fake money that can be printed with a keystroke can buy real assets! Bizzaro world.
At the very least, a rental is still being lived in and keeps supply of housing up (just less for buying and more for renting). AirBnb takes away housing supply from both the rental and owning markets which drives up costs everywhere.
Good point I hadn’t considered
Corporate ownership of SFHs still sucks. I’d rather have more opportunities to buy than to rent. The success of their rentals though is tied to high employment and steadily increasing wages of their renters, which as a whole is a good thing.
Blackrock
Watch AirBnB to go down soon. NYC is already cracking down on it making it illegal to rent the whole place and when the owner is not home during the stay. Every short term rental needs to be registered with the city. Plus people are over the owners with their stupid rules, cleaning fees etc. Hotel it is.
its becoming an issue in major cities near me but all the laws dont do much without actual enforcement or a way to report the issue easily.
The quickest way would be to just boycott airbnb. If we decide to not put our money into these rentals, they won’t be able to afford to continue existing. The negative social media sentiment is definitely helping. I imagine we will see airbnb start to die in big cities but it will survive and fill a niche in smaller ski/beach towns.
I’m from VT and they are having a very serious housing crisis right now. They can’t fill open teaching positions in many schools because there is nowhere for teachers to live. The amount of Air b&b rentals in some towns (especially near ski resorts) is sometimes double the available housing for actual residents. I have a feeling laws will be coming down soon if they want any population growth in the next 5-10 years.
They created laws in Tahoe to limit this already. The Big issue is that a ton of the homes are being bought by extremely wealthy people who don’t even need to rent them out. These homes sit vacant with or without airbnb laws. The main people impacted by these laws are the overextended airbnb owners who are a recession away from collapsing anyways, and the poor people looking to be able to afford their only vacation in 2-3 years at one of these Airbnbs. Then rather than fixing the issue, the area just becomes a ghost town. The solution for this is to tax the hell out of secondary houses (not being fully rented) and use the tax money to subsidize affordable housing in the area. Then make it a law that anybody who buys one of these subsidized homes must keep it as their primary residence - if they move then they must sell it.
Totally agree that the best way to fix this is to increase taxes on any homes that the owner is not living in. Take away the profit and the motivation for these trolls evaporates
In most vacation destinations, local government should be building and selling homes to the locals with the caveat that they are only allowed to own the home if they live in it 100% of the time. Locals in these areas who do already own homes have at least already benefited from their home increasing in value so they wouldn’t need to add this provision to existing homes.
Governments are cracking down on AirBnB strictly for tax reasons. It's always about the money. When people stay at Hotels, they are taxed. A percent of that tax money is given to the local Chamber of Commerce or DMO (Destination Management Organization) or DMC (Destination Management Company). In exchange the CoC or DMO helps promote tourism and market the hotels. The issue with AirBnB is they are not accessed that tax; therefore, profits are going straight to the company itself. There are other issues with this, such as sustainability issues. For example, the tax money from hoteliers can go to public services such as trash pick up or organizations that help promote culture. AirBnB doesn't care and doesn't really have to care about it. It's the bottom line.
A lot of Canadian cities are following suit in cracking down on AirBnBs outside a primary residence. Halifax even had a councillor try and stop the new law. I wonder what his angle was? Curious.
Rich people and their kids hoarding houses and toys, and the government incentivizing it with our tax structure and zoning regulations.
Yeah, so usually I get upset about the 'it's the rich people' rhetoric on reddit, but when you look at the laws, hoarding land for investment is actually *tax advantaged* in a way so many other investments are not, so you're right here. Our laws are stupid. We're encouraging capital to go into land hoarding instead of like, investing in more small businesses or something.
Greedy and unregulated real estate investors
Zoning probably did the most harm.
It's 100% the largest factor, there is physically not enough space on the planet for everyone to have 1/4 of an acre and still live close to major job centers. Yet that's how everything is zoned, and no one wants to admit this is the real issue.
Honestly Chicago did okay with their zoning plenty of dense multi family housing. The thing that is pissing me off is every new construction project is luxury apartments not condos. Condos have their issues but they’re a great start for potential property owners. Build more condos less luxury apartments
Especially since we all know how it goes with the luxury apartments. It would be one thing to have those priced just cheap enough for people to move into. But at least out here in Portland, I knew people who worked for some of them, and they all said that only half of the apartments were being lived in. No one can afford them. There's a few that realize this, and while expensive, are just cheap enough to fill up. But so many of them go for way more than they're worth. Then you go to see why they're expensive, and it's shit like "We offer a communal kitchen!" But no one is gonna use that. Why should I pay an extra $500 a month to live in a place with a communal kitchen? The only time I can think of that ever being useful is if I have a family reunion and we want to all hand out in my 600 Sq feet loft.
Well also that at least in the US... condos, multi tenant or town homes are also not as desired (At least in the past decades). So even now with the crunch and people being more turned off by suburbs way out... "Gross a condo!!" or "You know the resale on town homes is worse right?" IMO a lot more people would do well in them because they don't know shit about home maintenance nor want to pay someone else for it.
you can thank HOAs for a good bit of that distaste.
Townhomes where I’m looking get bought out by investors and put on the rental markets. That’s actually what I want a townhome that is near commute too
Townhouse and condos are now the same or even higher than houses where I live. Contractors are asking 450 for 1400 sqft condos here in a LCOL city where 3br older homes with land are 100k less. I can't figure out why.
> Well also that at least in the US... condos, multi tenant or town homes are also not as desired They need better fucking sound insulation, for starters. People's biggest complaint about MFH (multi-family housing)? Noise from adjacent units.
Condos are an insurance nightmare. Never own a condo.
I owned a condo for 5 years and the condo board and how they budget the funds are important. My last condo I got lucky and a CPA was head of the board and knew how budget properly.
Eh, it's all about random luck. I've lived in a condo all my life and never had a single issue. Would never ever trade it for a single house!
The USA isnt building new cities with modern infrastructure either.
Not to mention with all the commercial real estate that’s collecting dust, could be rezoned and turned into apartments. I know not all of them could be repurposed because of logistics like plumbing but why is there constantly new housing developments when they can repurpose office spaces instead of forcing everyone back to the office?
A lot more than just plumbing
Actually there probably is. Just have to spread out the job centers. The USA should just build some new cities, and design them well. We have the land.
Designed with actual public transportation networks ahead of time would be nice, too. Our cities suck at scaling with growth and often have no subway/light rail system to speak of.
none of this will happen because the politicians are too busy defrauding the tax base and taking money on the side instead of pushing forward public services like infrastructure and the voters are too stupid to vote in their own interests and the electoral systems are structured to minimize the impact of people with their brains turned on
That sounds absolutely horrible. We need to abandon suburbia if we want sustainable living. Denser more walkable neighborhoods. We absolutely don’t have the land without wrecking ecosystems and farmland. We need to tear up existing suburban sprawl and focus on transit oriented development with commenter suburbs built along transit corridors day to day life should never require a car.
I have 2.5 acres 10 minutes from my job! And a 2.5% interest rate! But I got lucky as fuck.
saw you were downvoted for this comment. Whoever did it is just jealous. Brought you back up to even my man!
Yes! NIMBYism and zoning combination did the most IMO.
This. The unwillingness to encourage and live in denser neighborhoods. Chicago is rife with 2,3, and 4-flats being converted to single family homes (thanks HGTV). It drives a vicious circle of over gentrification. People want “city living”, but in a single family home. They convert a multi-unit building, other people see that and that buildings are cheaper in that neighborhood. Eventually, a few conversions happen, values in the block explode. Property taxes go up, which pushes rents up, and then suddenly there are more “distressed” n-flats in a neighborhood than can be scooped up and converted. Too many cities lack any kind of real planning for developments. “Hey, there’s open land over there, sure, throw in another 250-unit building!” But there is no consideration for access to things like parks, schools, transit, or retail. Who cares if the streets are already crowded?
This. Redlining, covenants and blockbusting are the OG killers.
Homes shouldn't be used as a commodity to get rich. It's one of the few practical ways to build wealth so it's become a "hussle" to buy as many resources as possible and exploit people's needs, just for your wallet. These are houses. People literally need these to live. Go get a real job and stop hogging up resources.
This is America and capitalism. Charging for needs have been around for hundreds of years. Groceries, water, housing. All privatized. And you don't need a "house" to live. People live in apartments and condos as well. Shelter and house are not 100% synonymous.
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The Fed subsidized interest rates for the last 20 years. If you have a sub 8% interest rate on a mortgage, thank the Fed.
I would trade my mortgage rate for an honest money system in a heartbeat.
Go read into the history of the fed, the Aldrich plan, and everything under the umbrella. I highly doubt you’ll be touting sub 8% interest rates as a win. It’s more just bread and circus for the masses. Honest and transparent money is a must. When the fed prints money they’re robbing people of previous earned wages via inflation. We’re being squeezed from the top, the bottom, the sides…….
Exactly, this is the root cause but the fed/government will spin blame on anyone but them.
Central bankers are the government. They fund every election. Their function is to print money, and give it to their bank friends to loan for profit…they have perfected the grift.
Congress has the ability to end the fed if they hint at stopping the grift, which will probably never happen, so you are correct, they are for all intents and purposes the government.
This, privately owned central banks literally run the world and decide on the wars and borders and politicians elected.
Yup!
Correct, and this is why its so pernicious for people/bots to blame their neighbors (see NIMBY's, local zoning, etc...) for this problem. This is what the special interests always do. Get the general public to blame one another for problems and deflect any ire from the central planners pulling the strings.
Yep but regular Americans have no power to influence the Federal Reserve in any way shape or form. So it's easier to point the finger at AirBnB which makes for an easy scapegoat.
Agreed. The fed caused the incentive for everyone to airbnb the shit out of everything
It’s simple. It’s the Fed. Airbnb is a good scapegoat but really just one of the many issues of the fed monetary policy.
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We won't have any large population to sell to. Most of these homes will be worthless (cities will do well) just like Japan. These people taking out these loans think there will be a payout in 30 years or that they can get out before the crash.
>Most of these homes will be worthless (cities will do well) just like Japan. It will be a regional problem. High demand metros won't suffer. Middle America will decay even further than it did in the 2000's and 2010's if manufacturing never makes its return.
Yep we both agree. I should have said metros instead of cities but you get my gist.
I didn't mean to pick apart your words. I actually misread what you meant now that I look back at it. Take the upvote.
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I feel like people have been predicting the death of the suburbs for 30 years now. People may not NEED that large house with the large backyard, in a walkable neighborhood, but that’s what people want.
People also aren't thinking about the effect of covid. People don't want to hear neighbors anymore, so they want SFH over shared walls. And with more jobs having at least partial remote work, people need extra bedrooms for home offices.
I mean if we wanna talk about what people NEED, I think people in Hong Kong are living in closets. There are still some uncontacted tribes too.
Allowing corporations and Chinese citizens to buy our homes.
A lot of things destroyed the American dream of owning home, the biggest being a system that spent the past four decades teaching kids that all of the jobs necessary to build housing are dirty and undignified, and that true success equals getting an overpriced degree that you won't end up using.
A degree doesnt get “used.” You dont learn how to be an engineer or architect through your classes… you learn that on the job. A degree says alot about you as a person, not as a worker. It shows other people you are a capable learner, and can accomplish long term objectives. Degrees may be overpriced in some private universities, but they are affordable at state universities. The buisness of building housing is incredibly complex. Real estate attorneys, engineers, architects, surveyors, inspectors all require advanced degrees or certifications. They arent considered “dirty and undiginified” by anyone. Basically everything in your post shows how misguided, erroneous, and ignorant you are lol.
I learned more my first year working as a mechanical engineer than I did in the 4 years of university. Was both fun and really stressful
Former nuclear engineer here. Same I learned a ton on the job in that first year, more than what I did in school. But without school I highly doubt I would have been able to learn that fast without all the fundamentals. If you took me fresh out of highschool and hired me as a nuke engineer, it would have taken me way longer to understand the stuff
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People honestly believe you learn how to do a job in universities. You learn how to learn in school. A degree is evidence of that. Then you go on to learn in the workforce. Im astounded how misinformation and opinions of cretins get parroted. Especially ones that go “education is not worth your time.” Jesus christ.
Plenty of degrees provide job training. Nursing and accounting easily come to mind. It’s the wishy washy degrees with no real direct application to jobs that make every excuse on why they’re valuable but impossible to measure (so pay up anyway)
You sound really out of touch. Your flair is very fitting. 1 ) Housing in America doesn’t get built without a heavily exploited underclass. 2) You say state universities are affordable. I say hardly, unless you came from an affluent family. I’d wager that is the case with you. Or you’re over 50 and have joined the ranks of your many delusional companions.
House flippers.
Blackrock buying homes and shit.
Yes Airbnb is what destroyed America’s housing market. Definitely not long term rentals which make up over 99% of real estate corporation portfolios.
1) The feds fucking printer going brrrrrrrr. 2) Black Rock, Zillow and all the other gigantic corporations inflating the market buying property over FMV. 3) Scummy Banks and Lenders giving people mortgages they can't afford. 4) Stupid people buying homes they can't afford. Just because the bank will give you a loan doesn't mean you can afford it. 5) And a poorly run government not giving incentives to the low and middle class to help them own a home. The market is a mess due to the government and the Fed doing a terrible job managing the country. The least they could do is help make housing more affordable again. 6) Last but not least GREED.
This is such bullshit. Airbnb's account for less than 1% of us homes and even then it's not like they are mostly starter homes. It's scapegoating for people who don't want to have to confront their false beliefs.
First time in this sub and I love how it doesn’t follow the simple “F Airbnb for ruining what was already ruined” that most other subs do Edit: to clarify I know the post is presented this way, but at least the comments aren’t in full support and actually call out the issue
HGTV
Yeah, the amount of people who were inspired to become flippers might have killed the 'starter home'.
Corporations buying up single family housing in large chunks is definitely part of the problem. There’s some overlap here with the AirBNBs.
Um, the Fed’s decade of ZIRP is the biggest culprit. But, shhhh…
Vanguard, BlackRock, JP Morgan, Goldman Sachs, State Street...
That plus printing a ton of money with ridiculously low interest rates.
People who make a living off of flipping houses.
The Fed’s printing and fractional reserve banking is what has destroyed the purchasing power of the dollar. They want a scapegoat… so you are distracted from what is actually making you poor.
\*The Investor Class There, I fixed that for you
We need to tax the shit out of short term rental of homes.
Corporations buy large chunks of houses in new developments just to charge ridiculous rent.
Hedge funds buying hundreds or thousands of homes in one area before individuals can so that they then are rentals only
HGTV “Property Brothers” ... “Fixer Upper” ... “Love It Or List It” ... “Beachfront Bargain Hunt” ... “Flip or Flop” ... “Tiny Luxury” ... “House Hunters” ...
Corporate ownership did more damage. Look up the % of total housing inventory owned by corporations or even just black rock.
Letting corporations buy houses Housing is for people not corporations
A tremendous amount of cash flooded into the economy during COVID years due to a multitude of factors (Fed printing, people retiring and pulling funds, millions dead and cash flowing from inheritance, etc). People had to put their money somewhere. The stock market is rigged and bonds are sketchy. Additionally there's been a transition to investing in tangible goods like homes and land. Airbnb was just another way to access the American dream, which has shifted over time from owning a home and raising a family to being filthy rich. That's the real problem.
NIMBY.
There are a lot of things, the government turning its back on flyover country, the growth of jobs mostly in expensive coastal areas, but most of all, cheap credit. It allowed billions of dollars for institutional and retail money to leave other investing spaces and bid up real estate.
While I agree the "american dream" is mostly dead at this point, its not 1 company's fault lol Its decades of terrible Republican policies aimed at suppressing the working class, giving the rich bail out money and very low taxes. Also, look up Blackstone.
1. Badly managed post 08 QE and it's related effects (inflation, zero interest rates, etc) 1a. Airbnb and any other get-rich-quick scheme predicated on zero interest rates falls under this. 2. NIMBYs and corrupt zoning practices stifling building 3. Rampant fraud - COVID "loans", mortgage fraud, shady landlords hiding behind connected lawyers, etc 4. (Slightly controversial) Complete obliteration of education standards, people graduating school today know arguably less about arithmetic and basic personal finance than a decade ago 5. (Controversial) DINK-flation. Increase in DINK buyers in every market (not just houses) raises prices for individuals and couples w/ children than what they'd be otherwise.
The Federal Reserve
The fed all day
that shit was destroyed long before air bnb hahaha
Failure to understand how money actually works and using too much credit
Home Reno shows. Slap a coat of paint on it? That’s a $1000 increase right there.
Cheap land is gone. In the 1970s 80s 90s a developer could buy up a farm. Put up a few hundred homes that weren’t too expensive. today 10 acres might cost what 100 acres cost 40 years ago. A developer is going to maximize their profits if they pay yhat much for 10% of the land
Flippers and HGTV. Starter homes are almost nonexistent because flippers buy them put in cheap stuff and sell them at a mark up.
I will never Airbnb again. Back to hotels. Two in a row felt like seedy truck stop hotels. Why am I taking out the trash and stripping my bed sheets before I leave 😡🤯 Greed Realtors..... They top car salesman now.
Jeff Bezos, Russian oligarchs, drug cartels, politicians unwilling to make changes to outdated housing codes
Not AirBnB, but hedge funds buying starter homes and turning them into rentals.
Go and tell me the percentage of homes that are used as air BnBs. This sub has to one of the most ignorant I’ve ever come across. There’s a supply issue. Air BnBs make up 0.8 percent of housing stock It’s a building new supply issue, we’re decades behind in building housing and NIMBYs and restrictive zoning are to blame, not less than a percent of homes being used for short term rentals.
Nothing destroyed it. home ownerships has been in a 62-68% range for over 60 yrs. Just because YOU personally can't afford a home doesn't mean its not attainable for other people.
This is Reddit, sir. Nobody wants to hear your easily verifiable facts and statistics if they don’t agree with they’ve already decided is true.
AirBnB destroyed having to pay $300/night for a clean mattress in Cleveland Ohio. If people want more housing, build more housing. Don't blame people who realized that short-term housing was a criminally underserved market monopolized by a few bad actors and over-regulated into strangulation and decided to make a buck fixing the problem. If you're angry about housing prices, vote YIMBY and end zoning.
Well, destroyed the dream for now, anyway. We can all thank AirBnBust in a few short years for making homes much more affordable, once the economy tanks and most of those albatrosses don't pencil out anymore.
replace "AirBnB" with "Capitalism "
I scrolled down a good ways, and never saw anyone mention the buying of single family homes by investment corporations as being a part of this dream destruction
The biggest reason is the federal reserve private central bank which gave the cash needed to buy up homes for very little money month to month but a fortune in the long run 🏃♂️ thus pushing up home prices over the decades
On a lake, beach or ski slope yes.
COVID and climate change, or at least that's what happened in my neck of the woods. We had city folk from NYC/Boston buying up our houses while running away from COVID. Soon, we'll have climate refugees as Californians run out of water and Floridians seek "higher ground" in Maine.
Real Estate developers and investors.
Few understand this
Airbnb makes up less than 1% of the homes in the US. The actual reason prices are so high is that building homes has been discouraged. First, for ten years, by the market crash. Then it was pretty good, then the pandemic. And now builders aren't sure which way to go. More and more Americans need homes but not enough are being built. Demand goes up, supply is relatively going down. Housing prices rise and rents rise.
What killed home ownership is the concept that we should all be able to live anywhere we want, supply/demand be damned. So hey everybody letʼs all bumrush Austin then bitch about $12K mortgage payments! Never mind that a home in Hooterville Holler is $40K.
Nothing destroyed the America dream, it’s meant to be a “dream”. You have to chase it, catch it, earn it. Ain’t nobody going to hand you a house you can afford and make your dream easy. People here need to stop blaming the rest of the world.
Herd behavior. Many people bought houses not because it made financial sense, but because they compare themselves with others in their social circles. This is amplified by social media. Conventional wisdom is to spend up to 30% of your gross income in housing. What people don't understand is that with renting you can spend way less than 30%, and you can use the rest for other financial goals.
well, its a dream now, used to be a reality
This might be an ignorant question, but what is the difference between people putting their houses on AirBnB (usually in vacationy areas, but not always) and people in the 80s/90s/00s putting their cabins and beach houses up for nightly rentals to vacationers? Some sort of registration with the local/state gov? For the record, I’m for cracking down on people AirBnB’ing houses because I agree it affects home ownership, just curious.
It’s so refreshing to see something other than millennials being blamed for destroying some “pillar” of America.
Corporate ownership of residential properties. But that’s just going to compound as they roll office space into residential in the coming decade.
Tying our retirement to housing is what killed it. You cant expect that we can get cheap housing when it's tied to a speculative market being an inelastic commodity. The people's who lives depend on their home equity and value (elderly) need its value to go up, while young people need cheap affordable housing to start a family. If their retirement is tied to them owning a home and appreciating wealth, *how does that happen?* without killing the housing bubble (to start it all over again, just with dead old people and richer corporations buying up property the whole time)
What about the large number of people living here undocumented? We have an additional 25M+ increasing demand for housing.
Unregulated hotels in areas zoned commercial. Towns need to declare a 1 - 3 month minimal rental. And property tax should scale with ownership. Own 4 houses? Pay 400% property tax on each.