The Airbnb effect: why second homes have become so divisive
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- Опубликовано: 14 авг 2023
- In the Italian city of Venice, the number of beds dedicated to tourists is now almost on par with the number of beds allocated to residents.
An electronic counter installed by activists in the city tracking this number illustrates the ever-growing demand for short-term rentals, popularized by the home-sharing platform Airbnb, which is now as popular as hotels.
The short-term rental market is projected to be worth $228.9 billion in 2030, boosted by the rise of commercial operators.
But as the housing crisis deepens worldwide due to land and labor shortages, residents are questioning the impact of Airbnbs and second homes locally.
“We have more than 7,000 apartments involved in this kind of system of short-term tourist rentals. And now it’s very difficult for a young guy or a new family to find an affordable house to rent,” Dario Nardella, Florence city mayor, told CNBC.
So what is the economic impact of Airbnb and short-term rentals? And can restrictions ease the crisis? Watch the video to find out.
#CNBC #Airbnb #Housingmarket
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In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
Layoffs are the key to the next big recession. Job market is still Red hot and if we are to dip this will be what needs to change
I agree. I have pulled in more than $435k since 2020 through my advisor. It pays off more in the long run to just pick quality stocks and ride with those stocks.
“ Margaret Johnson Arndt is the coach that guides me, She has years of financial market experience, you can use something else but for me her strategy works hence my result. She provides entry and exit point for the securities I focus on.
you know nothing.
9:30 Buys 5 properties and says the government is to blame with "build more homes". .Can't make this up
You can buy too be smart and compete
Government owns the zoning laws which control building.
Greed knows no bounds.
Hahaha Exactly. I did my part to shrink housing availability for locals, but I'll point finger at govt.
Small caveat in USA is the restrictions of zoning such as lot sizes , single family zoning, minimum parking requirements, all of which are outdated and harmful environmentally, and reduce the ability to increase supply by denser housing construction. Local zoning boards do this to artificially restrict the supply which increases their home values. Compare nyc metro to Tokyo for instance where zoning is federal, housing prices have been going down since 1980s. NIMBYs is the issue not Airbnb
Amsterdam went from 18,000 AirBnB listings to 4,100 in a year by applying a max rental period of 30 days and a registration duty. Hosts have to let the municipality know who is staying there each time in advance, breaking these rules results in a $20,000 fine. Additionally, using an appt only for renting out, means an 8% transfer tax on top of the house price. Simple solution and very effective. I don't see why other touristic city's don't follow the example? Take control of your city.
I live in Amsterdam, I use Airbnb to host. Happy with the new rules, seems fair
Is it a maximum of 30 days or minimum? Seems like a minimum would make an impact more than a maximum.
@@pioneer7777777 as said ‘a max. rental period of 30 days’. Meaning you get 30 days per year to host. With a $200 average nightly rate, this means about $4.500 annually after tax, rendering it useless for investors.
Airbnb prices then jacked up with 4x less supply.
The medicine is as bad as the disease.
Sounds like communism, which we now have here with Uncle Brandon/Owebama.
Not only is air bnb a problem with small families like mine but they also destroy the community. We live in Tahoe and are really lucky to have several full timers on our street. The air bnbs are a hit and miss, sometimes its a nice family, other times there are drunk 20 year olds in the street swearing, blasting music, driving Reckless. Air bnbs dont just make it harder for us financially, but make neighborhoods more dangerous for our children. As a house cleaner I can tell you we would do just fine without the airbnb's.
Totally agree they straight ruined Tahoe
When I walk my dog in the evening in Key West I see about 1/3 of the homes sitting there dark. A closer look reveals no children's toys, no lawn chairs out in the yard, no car in the driveway, no seasonal decorations. Not only has AirBnB driven the price of housing beyond what worker-bees can afford, it hollows out our community. Instead of being filled with neighbors who are helpful, creative, vibrant, concerned about their community, and bringing life to our little island, you have an empty shell that takes up a big portion of our very limited space.
did you consider its because those homes cost nearly 2 million
@@Lildizzle420 Yep, my point exactly. :-) These houses that would rent for $3k - 5k / month as local housing now get $2500/week from Air BnB. During Fantasy Fest in October, they can get $8k-$10k just for one week. Home prices were always increasing, but when AirBnB rentals took over Key West, home prices doubled overnight.
It's all over now. I've seen it from Alaska to Central America. The majority were homes a family could live in.
Those houses will stay empty even without Airbnb, the owner will just come for the holidays.
Slightly true, but I have seen this on the Hawaiian island of Kauai. Lots of vacation condos worth $1-2mil+ sitting empty. Ive spoken with owners, and the values of homes and land skyrocketed in the past few years. From 600-700 to 1-2mil. I did a quick airbnb search and there are over 3000 places available in Key West (April 14-20, 2024 +/- 7 days).@@matt16matt
Fifty years ago, you could afford the mortgage on a three bedroom house on one full time minimum wage salary. To accomplish the same feat today, you need to be making about $65 an hour. Something tells me the problem is just a little bigger than Airbnb.
I live in TX and make almost $250k a year but only enough to keep my mortgage and modest lifestyle. I never fancy a vacation or expensive car. I cannot imagine how struggling other families with below $70k per year are.
Well, when cost of living skyrockets but wages don’t match, this is what you find. My philosophy is, homeownership shouldn’t only be for the elite. If someone is willing to work, they should be able to buy a modest home. If you want something better, you get a better education or learn a better trade. There’s zero incentive to better yourself now because you can’t afford to live on minimum wage, and you can’t afford to live making double or triple that either.
@mt00a 250k a year ? That is far from modest lol.
@@desertsun9008 The lifestyle can be modest even if the salary is not.
@@desertsun9008 I cannot afford a Jaguar car or a big Mercedes SUV, and don’t eat in fancy restaurant. I am wondering what other people do and make so that they drive Porche, Jaguar or Mercedes.
Air bnb- One bedroom in 2bdrm after all fees=$350 (shared) vs room at Hilton=$325 (private, with pool and other amenities, concierge, lobby etc)
No more Air bnb for me ! This is for d/t Toronto.
I never used them. I always preferred hotels for the very reason you noted. The pendulum will swing back away from these 'trends' that people are now realizing are sucking the soul out of communities and basic needs.
Not hearing slamming hotel doors all night = amenity
As a native of Athens, I hate AirBnB like cancer. Rents have gone up by something like 50% over the past 5 years and, needless to say, wages remain stagnant. There is no way in hell the local population can compete with tourists for housing and, worse yet, short-term rental means fewer jobs in the formal tourism industry (hotels etc.)
How many new construction complex are there in your city? I think is not an issue of AirBnB but your local government interfering with new constructions.
In Greece the problem has nothing to do with goverment regulations & restrictions. For more than a decade all construction projects were abandoned due to the economic meltdown and now that they have resumed, they are not aiming for affordable housing, but mostly for wealthy foreign investors and "golden visa" applicants. The removal of more than 50k appartments from the housing market due to AirBnB and other such platforms is a major issue.@@leonardoplaza7677
I think you are blaming too much on AirBnb and the like. The housing situation is complex, and there are multiple reasons for the rents and house prices to increase so much. AirBnb is one aspect, but a very small one. It is the one msm loves to focus on because government does not want to admit that the hold up in construction of houses, due to bureaucracy and bad policies should bare the brunt of the blame. Certainly, there are pros and cons to anything like airbnb and tourism in general. I think the bigger problem is that there is not enough housing being built. In Canada- the price of housing would make your head spin (average rent in Toronto for a one bedroom apartment is $2,600/month, in Vancouver 3,000/month - small towns are hardly much lower. The average house price in Toronto is 1.1 million, and Vancouver 1.3 million- surrounding small cities/towns, again hardly much lower). The prices are outrageous. However, this is a problem that was present well before airbnb. Of course there are impacts of airbnb in the rental market- however, again- the problem is lack of housing being built. On the flip side- tourism is very important for places, and my village relies on this. It is a way to keep the local economy going (restaurants, bars, shops, tradespeople etc). Why is a hotel ok to have, and not airbnb's when you think about it? Individuals running airbnb's is a nice change, and for once people benefiting rather than a large corporation. If people are against airbnb- they should be against hotels too. The problem is lack of housing....due to lack of construction- and this has been going on for A LONG TIME. Airbnb's make up a small fraction of the impact on the general lack of housing!
@@hiddenhighlandThat's right! Build more houses and you'll se the price going down. But the construction rules in America are stupid
Its almost impossible to build anything other than single-family houses in the majority of the land.
@@leonardoplaza7677 WINNER WINNER EXACTLY!!!!
Also, short term rentals is a headache for neighbors and community in general. Lots these rentals are for parties causing noise, crowds, parking disturbances, sometimes vandalism etc. honestly, I hope this goes away but greed and profit moves the world.
We have a noise monitor in our air b n b
We have a young guy that bought the house next door and he parties every night. What internet platform or policy maker can I blame?
Sadly the "AirBnB" effect means that people are LIVING and renting in the AirBnB's because they cant find rentals
@@socalstrrent an apartment you can't even watch a loud movie now
When we buy we can be loud I've got music on all day on the property now .. all our neighbors too!
Couldn't even use my sound bar to watch Law & Order without a "noise complaint" every day previously
@@Joce123 Exactly...and as a Air BNB user we abide by the rules.
Unless governments do something, corporate own homes will continue to grow. Eventually most or all homes will be owned by a corporation and everyone will be a renter.
There is no way all homes will be owned by corporations in our life time.
@@DrewRueDoo maybe not our life time, but our children will likely never own a home.
Exactly…sadly most Millennials and Gen Z don’t vote. Just those that already “got theirs”
Should B. Free market should do its job, unfortunately violently. If rent pushed extreme high enough, ppl will leave unless tourist. So price Re-balance, location repurpose to its productivity efficiency frontier
That's the plan. The Great Reset. "You'll own nothing and be happy." 😁
A tourism focused economy without a local living culture and workforce is a DEAD economy. EVERY ECONOMY CANNOT BE A TOURISM ECONOMY. traveler's in the future will not be plentiful enough to sustain an entire cities economy.
I have two Airbnb next door to us, it’s a nightmare, constantly partying and noise late at night
Just increase tax rate on owning more than one house in a populated city. That should prevent people from buying 4/5 houses and renting them out
Easy fix they will jus put it in another person name or corporations like they already do now
I think anything that is not owner occupied should have a higher property tax.
@@malcolmschick6364they do that in Texas already. It sucks, the city doubles your taxes if it’s not your primary. Funny thing is, they asses taxes on the previous year, so even if your house value drop, you still have to pay the new estimated value.
False. You put it in an LLC then your plan is ruined.
@@malcolmschick6364South Carolina it’s triples for investors
1,000 properties owned by 20 landlords--something's wrong with that.
In Los Angeles, forget buying a house ( and not a nice one ) if you are not a millionaire. An 800 sq foot house 2 bedrooms 1 bathroom and really not that great was selling for almost 1 million. It is ridiculous.
Chinese suitcase money left LA a decade ago, when dad died. We sold our LA compound in 2017 in the east end of the San Gabriel valley in one of the safest, normal communities for 770,000. that WITH an RV garage and a double lot. Lot value is the key. IN LA is a county; lots of choices if you take the time to LOOK around.
Came to this after a segment on people living in RVs. Remember when AirBnB was touted as a disruptive tech idea that would enable us all? Surprise it only helped those that are rich getting richer.
Welcome to all tech. No one working in these companies are sitting in meetings asking about how the poor will be affected. It's all talk about daily/weekly/monthly usage and revenue. But of course if you say what about the poor they say oh yes of course this is a great benefit to them because of this theoretical solution to a problem no one in the room really understands.
@@lukemiele1706 Solution----DON'T BE POOR!!!
I'm surprised they didn't talk to the founders of Kindred. It's an Airbnb competitor with totally different economics. You can only share your own home, so there is no incentive to buy up properties and drive up rent. And it's a home swap, not a rental, so it's way cheaper (more like fancy Couchsurfing). Basically works like the movie The Holiday. Much more sustainable and I hope they completely replace Airbnb.
Is that the correct name "Kindred"? I tried Googling them and couldn't find anything with that name.
Make these people do just couch surfing and see what they say after the first 10 guests
They didn't talk to *WHO*? Right... Nobody has heard of Kindred.
Home swap? I am already disliking this concept
It isn't second homes that are the problem. It is the industrial-scale purchase of "residential" real estate for corporate profit that is causing the problem here. A company that buys thousands of single-family homes - for cash so they don't have to care about mortgage interest rates - in a city with the intent to turn them into rental units for ridiculous-to-obscene rent effectively locks out any regular joes who have to not only compete for available units but have to take out a mortgage at current rates to pay today's insane real estate prices. THAT is the main problem here, not said joe who by some miracle manages to afford a second home. Look up the build-to-rent stuff going on in places like Ohio too. Poor joe doesn't even get a chance to make an offer in that scenario.
Solution----don't be a regular poor joe....You have no idea what you are talking about...if there is a housing shortage they can build more housing it is as simple as that....the problem is government bureaucracy....The market decides how many units are needed and the pricing of those units....and as far as a mortgage is concerned if you don't qualify then you don't get a mortgage....only the government lend mortgage money to unqualified people (2008). If the price is too high there wouldn't be any renters or owners.
Unfortunately governments do nothing or very little in order to limit AirBnB. In the town I live, there are property owners buying flat after flat and rent it on AirBnB. Prices has skyrocketed and people have to move out of the town in order to buy something affordable, while town is becoming empty and lifeless out of high season. Really disappointing.
Which means there is demand for the product that financially outweighs renting to a local....which means more tax revenue for the municipality....and if you want to solve the problem have the government bureaucracy loosen its strangle hold on building new homes/multi family housing.
Have you ever been to Bangkok??? All they do is build housing probably a 100-150 projects going at any one time.
FYI, VRBO was founded 13 years before Airbnb
Yup I used VRBO in early 2000s. Liked them. They got run over by Airbnb.
Vrbo was THE only option to rent vacation homes for about 2 decades.
That kind of pissed me off too lol but it’s CNBC and these stories are consistently poor, but entertaining
VRBO dropped the ball...bigly
The problem with what happened to VRBO was that it used to be a subscription service. I don't need a third party to handle my business. VRBO just sent leads to me and I worked out those details. VRBO was $500 *A YEAR* for this privilege. Greed always takes over though. I have my four doors on AirBNB and have for 5 years pretty much exclusively since VRBO didn't collect sales tax which was an additional headache among headaches.
If you are someone who does not own a home already the chances of owning in the future are very slim, unless you have a lot of help from someone in the family. There are to many people with alot of money that want the homes. Building costs, labour costs, material costs, permits, land is just to expensive now. Unfortunately that’s the reality in Canada
Yup - Wealth Inequality - I've sent it first hand. 4 of us worked at a finance company in 2017 all nearly same assets and income. We all owned 2 houses. The 2 that took massive chances now own 17 properties, I own 2 still but have no chance of buying another. Avg people owning 17 houses the short term rent is just crazy.
@@SerenityESsurely in Canada you can buy land and build one?
What about in some local suburb in massive county like alberta? Guess it depends on the quality u are looking for
Same in the US wealthy parents are buying their children homes if you aren’t born into money you’re screwed.
@@cwaddle yes I agree 👍. I should have mentioned very desirable areas. I own a home it’s not me I am talking about.
Airbnb brings in tourism? What if a family lived there full time and spent money in the community like a normal homeowner. A tourist only spends $$ on fun things. A homeowner spends $$ in the community in many ways. More people benefit in the community from a homeowner not airbnb.
We need homes for people not for holidays
Sounds like you need to save up for a downpayment.
Why not both?
Prices have been going up long before Airbnb….
Never used it, same as Uber. Whenever I needed such services, I have booked regular hotels or cabs!
Can I ask why no Uber? I get the problem created by AirBnB. But Uber?
@@VFAHSN there are many reasons:
1. They take the business away from the regular cabs
2. I don't believe the majority of the drivers are professionally trained or strictly vetted
3. For me, the difference in the price is not worth the risks
I like to throw the wet towel in the corner without worrying what the owner is going to say. That's why I like hotels. No walking on pins and needles.
Same here! Never liked 'Uber-anything' services, nor AirBnB. Your reasons for no Uber are also spot-on. I don't trust untrained drivers nor the condition of their vehicles either (little to no regulation). Also too many reports of sexual assaults committed by drivers (one is one to many already). When Uber first came out, I also didn't like the idea of signing up and having to add my credit card even if one was not using it frequently. I'd rather a 'pay as you go' which I think they have now, but still... Never sat well with me they'd have your card locked in back then.
With hotels, I prefer their _service,_ booking directly with them, and the better chances of _security._ Also I'm not as likely to have sneaky hidden cameras installed in bathrooms/showers or bedrooms like private Air BnB residences. Too many perverts around infesting the world already as it is, doing that crap, and I'm sure as hell not going to _pay_ for that risk either.
@@pmb6667 I have similar reasons for always booking regular hotels, too. Much better service with much better security
You want to blame Air BnB? Then first blame hotels for overcharging, therefore creating the market for AirBNB to exist in.
adding to that thought.....you can find airbnb rentals where there are no hotels at all.....many different locations...many different options that is what makes the airbnb experience totally different in my opinion....The problem is most of these commenters are idiots and know nothing...single dimensional thinking...and talking points they hear on CNBC.
airbnb has become a cancer to this society.
Be aware of Airbnb. Some places don't comply with the local council safety regulations. No easy access to the owner in case of fire or emergencies. Some don't refund the cancellation. Stay at safer accommodation. There are plenty.
It used to be an alternative to the expenses of staying in a hotel but more recently all of the taxes and fees end up costing more than staying in a hotel. Plus it's kind of a crapshoot and you end up with lousy accommodations occasionally, especially traveling internationally.
That was exactly my experience in Malaysia recently. Shocked with the government taxes + Airbnb service fees.
Air BNB, foreign and corporate investments in single family homes are a cancer to society.
It killed housing 4 the bottom 80% of the world & the most frustrating part is AbNb also killed abnb cuz they went public & now they have to charge stupid prices
I used to rent them a lot - since the 1st month they were a thing & as I made $$ I’d book a few weeks a year - houses that were 250 r now 700 or 300 became 890 or one night at 175 ends up 300
It’s never a plus going public it kills the original community style business model & make’s quality drop on goods
The market sucks
“A second home has long been an aspirational dream for middle class families” -- yeah unless it’s 2023 - middle class can’t even get one home now
AirBnB should be deemed illegal. Or at least make zoning laws include AirBnB as another category, where either you offer rental in a place where you ALSO live, or you can't rent it. It's impossible to find affordable housing when everyone is refusing to offer long term rentals.
Exactly. And the reason why it was cheaper before to rent airbnb is the lack of privacy that we have in a hotel. Now airbnb became even more expensive than hotels because landlords/corporations don’t live there !
No, it shouldnt.
"Government should regulate us more". They cry. And they wonder why things keep getting worse.
No, because your ideal would only benefit the rich and big corporations.
Yeah right. The solution to the problem created by the state is more state regulation hahahahaha
With homeowners asking top dollar for homes in sought after tourist areas, who besides wealthy can afford to buy in those areas?
Exactly. The homes that are sold and bought in my area would never be placed in the long term rental market anyway.. and the rent would be too expensive. Our town depends on tourism. Short term rentals are the biggest employer in my area. It definitely sucks that first time home buyers are left out but I don’t see a way that it can be fixed without second-home owners going broke. 🤷🏻♂️
Yup many areas are now becoming exclusive
Of course tourist areas are going to be expensive 😂
I hate that they used the monopoly example wrong. It's more like when players buy all houses without upgrading to hotels to choke out other players.
But this isn’t a board game.
My dad came to this country with no money. Moved in with family. Bought a small plot of land across the street and built a house.
They saved money on the cost by doing most of the work (like the framing) themselves.
They did this over the course of 10 months by cashflowing the money my dad made from his job as a machinist while living rent free with family. NO MORTGAGE, NO LOANS.
It’s easy to sit and complain and blame others for your problems. The fact is that most people today no longer have the skills, resourcefulness and family support that is needed to get ahead.
They’ve traded family bonds and personal development for government dependency.
You reap what you sow.
@@michaelcerean1990 - Sure, because EVERYBODY can live _"rent-free with family. NO PORTGAGE, NO LOANS"_ while building themselves up, right? I "reaped" built myself up _without_ access to living with any family, so your example isn't that great when it includes that.
I do think their should be a limit on the number of Airbnbs to you can own. Some Companies own thousands around the U.S. If the house isnt a Short Term Rental, it will become a traditional rental. The following year there will still be a housing shortage.
Why??? It makes no sense......housing is market driven like most things in our life....the problem is the government bureaucracy....all you have to do if the market demands it is to build more housing!! Problem solved!
@@bsmiddy236 If you build more housing and 50% of them are being bought by corporations that want to STR, Lease to Own, or LTR I agree it will work but really slowly and the houses will begin to consume so much space. Eventually our urban footprints will start looking like Tokyo and the Corporations will never slow down their consumption. Their whole model is to rinse, repeat, and upscale.
you obviously know nothing about economics....of course it slows down consumption when there is no demand and yes expansion is a healthy sign. You can't upscale if there is no demand.....so if the demand is for 800.00 a month rental what does the corporation gain by trying to rent at double the demand price?
@@bsmiddy236 lol I'm definitely not a expert. What do you suggest? Just allow the free for all? That's fine with me too. What do you think is the potential downside of no regulation?
we are already regulated to death in this country....let the market decide. There is nothing stopping anyone who wants to build a house from going out and securing financing and building one. the government basically got out of the low income housing market because it cost too much damn money to keep up with the way people basically treat free housing....so they cam out with section 8 housing vouchers...but again I do no rent to Section 8 applicants due to government regulations and these people would never qualify for a rental it gets back to risk and reward and I'm not willing to take that risk. If you can get rid of the blood sucking, wealth draining government bureaucracy and let people build especially based on market conditions you just might be able get on a path to solving the government created housing affordability problem...that doesn't mean I even agree or acknowledge there is a problem to begin with.
Short term rentals such as airbnb is bad for suburban residents. I have seen reports that urban crimes such as shootings and drug houses have been drawn by these rentals.
Disruption from parties too
Sounds like some conspiracy stuff you read. Crime is up everywhere and its not Airbnb, its the economy and policies.
Paint everyone with that same broad brush if you want to. Not everyone charges pet fees, cleaning fees, or makes anyone do chores but that narrative is so enticing when we work at McDonalds for $16 and hour.
Yeah Airbnb its definitely the problem and not the institutional investors buying 30k to 40k houses in one city at the time.
These institutional investors buying 30k in properties can now make more on air bnb running hotels without standards and taxes of hotels instead of renting long term. This takes inventory out for locals.
those investors then put the properties on air bnb lol. so yes, it is part of the problem
@@l.c.3150 I guarantee you they're not running Airbnb. They are buying for the equity and tax credit, and not for the monthly revenue. They are long term players.
True. There's no either/or here though. BOTH of them are the problem.
@@bonnielovely Institutional investor are in for the long term game and not short term. They are in for the equity and tax benefits. Google is free, so research before assuming things.
@1:30 "I'm not taking away houses from families because they would not be able to live there". Well the reason they cannot live there is because you own it. Wtf lady.
I thought the same. She has found a way to justify what she does to herself.
There's also the obvious fact that you need to start smaller anyway before family can exist. A lot of couples buy one bedroom properties, then when the kid(s) grows, they scale up after equity grows or wages increase etc
Yes, starting small is how most people do it. I suppose we live in a world of greed, and people just want to have more and more. At the very core, greediness and fear of survival is what fuels all of this.
I lived in an area with cottages, it is more a problem with countries not getting their act together. Full time long term rentals would take away units, Meanwhile in the suburbs you do not see units on top of drugstores and other stores, There are ways to try to add housing units, but we don't try enough in N. America.
It's a huge, huge problem in Lisbon, Portugal!
They shouldn't let ordinary homes be used for Air B&B. That is causing a housing shortage. If there is a mansion or penthouse, that is out of most people's reach, but these regular apartments being taken out of the rental market is causing the crisis.
Maybe hotels should take half their property and put some as studio/bachelor apartments...just add a mini kitchen and then people could rent them for a few months at a time since they are not always using every room unless it's a busy season.
Airbnbs account for such a small percentage of the housing market. Here in America, the main problem is the FHA interest rate. The current interest rate is 7%. If you buy a $400,000 home, you'll pay $558,000 in interest.
Airbnb is a scapegoat for government policies which have inflated the housing market.
Agreed..
Some day i would like to get a second property out in the woods, either land to bring mylittle camper or a 500 square foot camp. Not to rent just to get away. It looks like if things keep going the way it is, it will never happen.
Buy your second home in s poor foreing country. Your dollars/euros/pounds or whatever can get you real gems. The problem is that people always want to live, work and go on vacation in the same old legacy brand places.
I think this is why everyone should open their eyes to the rest of the world. I’ve lived in Florence for about a month studying there and was able to visit Germany, France and the Netherlands. So to see how each place handles such a universally arduous issue is truly fascinating as an American.
Italy, France and Germany is not “the rest of the world” dude. You’ve traveled exactly nowhere in my mind…
Building new homes does not guarantee it will serve the intended purpose. It can also be an opportunity for others to continue to grow their portfolio. So the real solution would be to have policies in place for everyone.
If it's government funded social homes they can only be rented , so I don't understand your argument about people adding them to their portfolio.
Investors are trying to own every home. Don’t sell your second home, a foreign investor will just jack up the price & keep it for perpetual rent…people still won’t own
homes.
Ok, these same young people that cannot afford a home, probably uses AirBnB several times a year in their vacation trips. Stop using AirBnB's and the dominos will fall.
Yes, exactly!! So many young people live with their parents or in shared apartments with roommates, complain how they can’t afford an apartment, but at the same time they have to travel every 1-2 months to another destination and stay at an Airbnb. Traveling has become futile.
I stopped using Airbnb a while ago. Hotels are much better.
we cant even start a family because you can't even get a studio so its like broke, no car, no home, can't afford a family
Stranger next door every other day. Who wants that?
Its not Air Bnb its government regulations preventing creation of new housing
I live in a very urban area and there are FAR TOO many airbnbs in my neighborhood
Should not have exclusively short term rentals in shortage markets. Should be able to rent your primary residence a certain limited amount of the time or rent to a long-term renter. Tourists can can get a hotels. Anyone who has an empty to second home, especially in a shortage market should be taxed into oblivion.
Very interesting story. I like how the Airbnb owners are like “it’s not me contributing to the problem because XYZ.” Hey I don’t own a house, but I realize life isn’t fair. I will keep working hard.
That Cotswolds holiday home owner is taking five homes away from local people. She can find whatever excuse to justify it but that’s what she’s doing.
“Local people wouldn’t want to live there anyway” Nonsense, they’re houses. “Local people couldn’t afford it anyway” That’s because of people like you driving up prices. “Tourism couldn’t survive without us” Ever heard of hotels? “We keep the local economy afloat” No you keep it dependent on seasonal, low-income work and cause a brain drain. “It’s the government’s fault for not building enough homes” Yes, but but they wouldn’t have to if you hadn’t bought them all.
Home values are DECLINING, nationally.
It's time to kick the leeches out of the housing market. Your profits are destroying people's lives. Hope airbnb gets shut down completely
This woman that thinks she isn't the problem, is the problem. You don't add anything. Shirts, cups, anything. You just squeeze people of the essential of shelter.
I disagree
Imagine one middle class family who buy a home and keep it all for themselves, using it only 2 weeks a year or maybe more
On the other hand, this woman buys it and let's 50 families enjoy it all year round. Each family pays the local community every week in their shops, cafes and businesses
Clearly one is helping the community. Which use is better?
@@truth.speaker the one that isn't forcing people to pay for their life without providing the other with lasting shelter is definitely 100% wrong. Squeezing people at the very bare necessities of life is disgusting.
@@matthewmcclary7855 do you disagree with farming? Why not?
@@truth.speaker it creates a product needed for survival. Is the cost of food going up? Is every necessity for living going up? Did they figure out how to charge you for the air you breathe with taxes that go towards 0 emissions?
@@truth.speaker the guards of the prison are prisoners themselves. You are a guard. You will never understand and will try and fight for something you know is wrong.
We have several in our neighborhood and most of the guests are respectful but some are obnoxious. If I ever move I will look for a place that doesn’t allow short term rentals. And I will never rent one.
Air b and b fees are ridiculous.
That lady being interviewed was definitely part of the problem. "I don't believe I am contributing to the housing shortage, I only have 5 rental cottages that would not have been bought otherwise, yet they makes me so much money I could live off this income forever."
Short term renters change communities.
No behavior is easier to justify than that which profits one.
Houses should have never become vacation businesses. I have used Airbnb myself so I cam't say I haven't often benefitted from the flexibility, but the damage this has done is now painfully apparent.
You could write a book on this. do a PhD on it. it's had a devastating effect globally. and completely unregulated. Governments as always decades off the pace. I do NOT & will not use it (or similar). ever. period.
This problem is affecting global housing 😡🤬🤬🤬
These videos are missing an important point: many city laws favors the renters over landlords. So house owners in many hot cities just do airbnb as the platform has many conveniences and insurances that help protect landlords. For example, at least rent collection is assured.
So, you buy your second home 🏡
Simple
It's comical that the mayor of Florence is talking about short-term rentals making it hard for youth to find a house, when there are countless documentaries showing that youth there can't even find a job there in the first place to even move out or pay for basic things like food... I get what they are saying here, but don't try to pass other problems off as an AirBnB. Every aspect of the housing crisis and the cost of living crisis should be held accountable!
CNBC YOU should add to the title that this is in the UK. Be clear. The issue in many countries is that people have been buying homes simply based on the AIRBNB future income that is very dangerous is this is creating a housing bubble.
This is like saying having kids contributes to bullying. 🙄
Burton On The Water is an upscale village. You would need tons of money to buy houses there
Law of unintended consequences. Rent in all big cities gone up & second homes are a major reason youngsters won't be able to afford housing.
It's nothing to do with these old people that keep on voting Tory a party that doesn't build social housing 😩
additional properties after the first one should be heavily taxed or prohibited even. especially in urban environments.
On the flip side - as a regular user of the platform - especially with small children in the family. We find it more comfortable using Airbnb v/s hotels where we can't even cook food for the children
*Just speaking out the other point of view before you bash out*
We should also focus on institutions buying out entire neighborhoods - that is driving up prices too
You like to cook on vacation when you can explore and discover cool restaurants and cuisines? That opportunity is wasted.
Many hotels have now the ‘suite’ option with cuisinette
Thank you.
Why should a zoning problem, a municipal issue, affect how private home owners use their property?
Virtually ALL the short term rentals in my mountain community are 2nd. and even 3rd. homes owed clear title, by long term owners, some of them THIRD generation. They rent short term to those they KNOW at the Winter Club in their work city, or referrals from family and friends. That leaves THEIR home for use for Xmas, New Years, Easter, and summer. So called @AIRBNB afre NOT "all the same" and the areas are NOT "all the same". Most posters I see are already IN vacation areas and in demand cities.
Rates at zero made this possible
I don't care really. Don't live in the big city if you can't afford big city prices. Maybe I'm just privileged because my country is small but here we have one big city and several smaller cities and towns all over the country and you can find a job in anywhere without feeling you are living in boondocks nowhere.
But I always hear discourse online on people complaining but refusing to change their location. Why are you entitled to that location? Just move and the city will move with you sooner or later. My home previously is in quiet part of town but now it's bustling and vibrant. It took 20 years. The city will grow where the people move. So just pick a place now and 20 years from now when your kids are grown they are living in the vibrant city.
What country you live in ?
Unfortunately there is ZERO REGULATION CONTROL on short term Rental.. Unless you get a lawyer and sue your town, then and any then will they enforce ANYTHING.. Money is the Only Motivation..
I’d rather give my business & money to the Hiltons and all the employees. I went to NYC last year and got a better deal with my Hilton points vs air bnb , hotels dot come , and even hotel tonight
It's prevalent even in my neighborhood. Even confusing as I had a couple ask to meet my dog, got to chatting with them and find out the place is an airbnb. I thought they lived there🤷♂
Seems like people are upset about people making money. I can’t get with this agenda
What about international buyers?
Theoretically, we live in democracy... Democracy is a *dictatorship* of majority... and yet, everything seems to be always tilted towards small groups of people like landlords or ABnB owners and the majority is paying for that...
That's because economically we don't live in a democracy, those with capital rig the laws to make idle wealth while working people get nothing
As a young person with a family living in a big city, there's simply no way I can afford to buy a house that I (or my wife) would actually want to live in. If I want to buy property, the only option is to buy a second home and rent it out when we're not there.
When you are not there, okay, but some people buy up properties only to keep them out of the rental market to use for Air B&B.
And is this all the fault of airbnb? Housing bubbles happened long before airbnb, they are being used as a scapegoat. People should be free to rent out their property is there is a demand for it.
Imagine making the effort to finally purchase a home and then a bunch of politicians decide what you CAN or CANNOT do with your property. I thought Venezuela was authoritarian, but it seems all governments are.
The video didnt interview the homeowners that actually live there and dont rent. I want to hear from them.
I’ve never rooted for a revisit to 2008 than I do now.
AB&B, VRBo etc., are just marketplaces. They gave the market a space, a tool that the rental industry was craving. This is not a companies' issue but a market players' situation.
What can be done is to establish activity rules. The way some industries cannot operate in some parts of the community, same should apply to this type of rentals.
Air bnb advert?! *chefs kiss*
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I cannot let my $80,000 savings vanish after putting in so much effort to accumulate them.
That's truly remarkable! I
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Unfortunately, I don't think that the argument made for - distinction made between - the two types of vacation rentals...is a strong one. Why am ((I) currently living in an Airbnb rental (which I could only afford to do very recently)? Because, given my Social Security income - there is almost no (!) rental for which I could pass a standard credit check (needing at least 2 1/2 times the monthly income of the rental rate). Yet another aspect of 'the' housing situation. At least, this rental is owned by a "Mom and Pop..."
They mention short term rentals as a problem, but not the major issue. Since the real issue is too few homes, is it really worth limiting short term rentals?
Hmmm... Put another way, someone is cutting you; just small little cuts. Now, you have hemophilia and it is a real problem getting cut....
You could try limiting the people cutting you, but the real issue is the hemophilia. So should you really limit people cutting you?
....
Um... Yes. And also work on trying to control the hemophilia as much as you can.
Both things can be right to do...
Same here.. Yes, we need more houses...
AND yes we need to better limit short term rentals...
What's to stop investors from buying the newly built homes for short-term rental purposes? This is why regulations are necessary. If a new condo is built and investors buy the majority of the suites we will continue to have the same problem.
@@isaiahsmith8523 Exactly my point! Agreed...
there are 16 million empty homes in the US, only 6 million are for sale. There is no shortage of homes only a shortage of sellers.
@@justinsmith3981 The first part of your statement is true and is important to note. There are always empty homes in the US not for sale. And remember a lot of those vacant homes aren't livable. We've all seen those broken down homes in neighborhoods. Many of them need significant work to be made available. (If not raised and rebuilt)
What hasn't kept up over time is the number of homes for sale compared to the number of people wanting to buy them.
That said, increasing new homes AND doing something about making the vacant homes livable and available are both needed...
@@desiv1170 or just get the Airbnb owners to sell that would drastically increase inventory
On our lake people have started to buy homes or use their homes as verbal and it sucks these people don't care about the lake the lake environment or any of us so they come and they're loud and obnoxious
We really need to deincentivize multiple home ownership. Heavy taxes on second homes and restrictions on using homes as rentals.
Government will never blame themselves . Any cost a businessman owes to the government will be passed down to the consumers. The housing deficit will continue, rent prices will keep rising even if airbnb or the likes of it go bellyup
She says without these short term rentals , the small businesses would collapse.. 😂😂😂 What she really means is that owning 10-20 short-term rentals would not be profitable if rented to hard working families monthly. This is a BIG MONEY GRAB.. Most are not registered , no tax contributions etc... PURE GREED !!!!!
No tax contributions? Don't you have some kind of property tax there in England?
@dannydaw59 When you Short term rent, 3 days 7 days 2 weeksx4 days... EACH RENTAL HAS TO PAY TAXES to their Municipality... More than 50 % pay NOTHING because they are not registered. Nobody is checking, but SUPPLY AND DEMAND is going to FIX IT ALL 🍷
More government is not the answer for public housing shortages . Yes they are inextricably tied to housing development because of zoning and permit requirements but social housing won’t solve these problems. They should do more public private development models whereby they are limited participants to developing properties .Airbnb is definitely contributing to the problem and personally I find they virtually unaffordable nowadays. From 2017 to 2020 we found some cracking properties but hotels are a better choice for us now. In Los Angeles the city owns hundreds of vacant lots which could be turned over to the developers but the vision isn’t there .
Single family residences should. Be for single family fulltime living uses.