23 March 2020

Proof that AirBnB is Destroying Cities




Shane Morris did a drill down on Zillow data for furnished rentals, and found that there has been an explosion of long term rentals now that AirBnB has cratered. (Read the whole Twitter thread)

This is the real world experiment which shows that, notwithstanding the

It turns out that the service does take huge amounts of residential rental properties out of the market by moving them to short term rentals (hotels).

To those who argue that hotels take up space too, it should be noted that for a given area, a hotel will house tens, if not hundreds, of times more guests than an AirBnB listing.

People are buying converting residential rentals to hotels, or in an even more destabilizing development, long term renting properties to secretly sublease as AirBnB's, which means that when there is a downturn, there are suddenly dozens of landlords who are about to discover that their "tenants" are actually speculators who are going to walk away from their leases.  (And I agrew tiht hte poster that, "The sudden collapse of AirBNB has been, legitimately, the funniest f%$#ing thing I’ve watched play out this past month."

This will not end well, but it is the inevitable result of using regulatory arbitrage to facilitate leverage, speculation, and looting.

As I have noted before, the "sharing economy" has turned out to be little more than sucking the marrow out of society.

Authorities need to stop buying into the whole "internet disruption" bullsh%$.

All it does is enrich a few at the expense of the bulk of society.

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