I think foreign money from China sweat shop managers, and other foreign elite are driving up U.S. real estate with cash offers well above asking. Make a law that says only U.S. citizens can own residential property like houses, condos, and apartment buildings. Thrown in farmland too.
💯. This Airbnb need to be stopped at certain level, attainment of Real Estate is the bed rock of the social contract and human inspiration. Im a free market- libertarian supporter, NOT an absolutist. There must be Ying with Yang, but people are radicalized at the two extremes these days, i guess they will only get it once water and air got privatized.
@Greymatter-to3th Most cities aren't vacation destinations and don't need to do anything. And some vacation destinations don't want to shoot themselves in the foot by making it harder for paying tourists to find places to stay. Many such places have lower priced outlying areas where locals can afford housing. It's a particular problem, though, in the mountains near ski resorts, where there's so little habitable land and in California generally where pretty much every place is absurdly expensive.
most big Texas cities have already banned airBNBs in noncommercial zoning. glad the rest of the US is catching up and learning what AIRBNB has done to the global housing supply
Why do people lie?! Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet. The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
Why do people lie?! Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet. The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
Why do people lie?! Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet. The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
Yes, every city needs to do this ASAP. There are two houses behind me on the next street that are Air BnB "Party Houses". They sit empty until someone rents to throw a party. They care less about what the neighbors think.
Why do people lie?! Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet. The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
yes ones who work there might be able to buy , mid century modern in Palm Springs are over priced to begin with, one can go to the coast for the same price , as most resorts the workers can not afford to buy or rent in the city of ps
Ya, but has nothing to do with Airbnbs and short term rentals. That just Media hype. Realstate been going down all over. Even places that are full of Airbnbs. One has nothing to do with the other.
Why do people lie?! Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet. The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
Good! I have a small cleaning company and we decided to stop working with airbnbs. The “investors” are annoying and tried to treat us like property managers. I happily welcome the fall of airbnb! It always sucked
Actually, they already did back in 2019. "The San Diego City Council has voted to create strict regulations for short-term vacation rentals. Starting in July of 2019, short-term rentals will only be allowed in owners’ primary residences, and both short-term rental operators and online rental platforms such as Airbnb, VRBO, and HomeAway will have to abide by several new requirements. The city also plans to step up its enforcement of short-term vacation rentals....The city will also require three-night minimum stays for popular coastal areas and downtown."
Short term rentals are a zoning violation. We have zoning in this country for a reason. The residential zone is supposed to be stable and quiet. Visitors belong at resorts, or at hotels in the business zone where their comings and goings and noisy partying don’t disturb people in their homes.
My neighborhood used to be a quiet retiree community on a golf course. Because one of the neighbors started an airbnb rental we have a steady stream of strangers coming and going. They bring pets and don't cleanup after them. They throw loud parties where guests park in front of our driveways. It's unacceptable and needs to stop.
Why do people lie?! Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet. The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
I remember going to Seattle once a month for a cheap airbnb for 40 dollars a night. The next year it was 100 a night. On Saturdays they were trying 140 a night. Then Seattle cracked down on multiple home ownership for airbnbs. It folded.
Hopefully the "Free-Fall" will result in home prices falling to values working-class Americans can afford to buy. AirBnB resulted in thousands of houses disappearing from the real estate market, leaving what few remained for sale to skyrocket in price!
A friend of the family owns a ton of properties in Palm Springs and ALL of the them are (or were lol) Airbnb. I just kept my mouth shut about their business but I am glad to see the city of Palm Springs step up to put an end to this practice.
As a Palm Springs resident, I don’t know where the “free fall” data is coming from. A lot of new buyers are also full timers (a huge demographic change due to the pandemic) and these new residents also don’t want renters. Palm Springs proper is built out and supply is very low for single family homes. The modern midcentury homes are highly sought after. People don’t want to buy million dollar homes also don’t want to be next to party houses.
Right, it’s good for the people living in that neighborhood. But it’s also good for multiple nearby neighborhoods as well. Just sucks for the abnb owners, but is massively worth it
Have always seen Palm Springs as a sheet of glass, where it's biggest income comes during times of the year when weather isn't in the triple digits. As someone stated earlier, prices shall be corrected.
I'm also a Palm Springs resident. Where is this "free fall" referenced in the report? Prices of home are still through the roof (pun intended). Vacation rentals have artificially escalated the price of homes and make it nearly impossible for an average person who is not an investor, or investment group to afford a home. Prices will respond to normal market conditions when the brakes are applied to this Air BNB nonsense.
People are losing homes left & right, few can afford ONE home, let alone income property. Some can't put food on the table working 4 jobs between spouses. And THIS is a "boo hoo moment?" More cities need to limit this so teachers & students don't leave in droves, closing schools. "Essential workers" need housing close to their jobS.
but if u could go and ask those people to reveal their income to the expenses they have --what will you find------they live far above their means, ===kids have iPhones , cellphones accounts are so high,and parents, expensive cars, eating out bill is so high, holiday expenses, i have a relative who works in a bank,,, and they say they have it daily that people come in to see if they can drop their monthly credit card pay back, some people have 4/5 credit cards, not because their salary is not enough, they just live to high,rest of my family live in South Africa, there its the same --- people live in double story houses, ride double cab pickups as its called there which cost close to 1 million SA Rand, their cellphone accounts is in SA rand around 3/4 thousands Rand's, black people buy KFC by the buckets full there, and this is a worldwide trend, in Germany its the little bit better as many people dont have cars because of the excellent public transport,
I wish they would have done this in the San Fernando Valley, but they didn’t and that’s why we sold our home and moved. A guy on our small street was renting out his house continuously and disrupting the whole neighborhood.
I lived in Palm Springs for eleven years. I moved in with relatives in NorCal in 2008 just after the housing market crashed. It’s even more expensive to live in the desert now that families and working class folks originally from the area can’t even afford to live there now. In fact, I shared a house with several friends and was able to afford my share of the rent by working at the very same Starbucks Coffee on the top right of the screen at 00:38 in the video!
That's a sensible policy. I live in a destination vacation town (near a ski mtn) - there are virtually no long-term rentals in our town for average people who don't own homes and must rent. There has not been new building either in the last few years. Blackrock, Vanguard, etc, are buying up homes to control the housing market.
Part of the issue is that long term renters have been trashing properties, not paying rent (covid induced for some), and staying free until evicted which takes months or a year. Landlords like myself have thrown in the towel and gone to Air BnB which has policies in place to protect owners. Tenants have done this to themselves in many areas.
Hey bro I was 26 years old when I bought my first triplex. The owner I bought it from owned 17 rentals triplex’s , 4 plexs and 8 unit properties and 4 businesses. And was building a new block here. His dead now. I asked him how he did it back in the day there was loop holes that they had to only put down 10 percent I believe. I bought another triplex on someone else credit. Because to buy another property I needed 20 percent down. So there’s rules already bro that stopped part of this mini monopoly that went on.
Yep!! Absolutely right!! Just like they do in China and Russia or how about Vietnam or North Korea?? Pure IGNORANCE!! .... How about let developers build where there is demand!! Cut the BS red tape and corrupt bureaucracy!! I can't believe the level (or lack thereof ) of intelligence in this country - astounding!!!
It creates an artificial housing shortage. People can't buy or rent homes because whole neighborhoods are giant motels. Anyway, who would want to live in an area that has the feel of living in a cheap Vegas hotel? I'm all for more cities doing this. People who are buying are speculating while driving out families that make it a community. If the rules are changed after a speculator bought their house and now is crying foul, so be it. Rules are made to be changed. When the reporter said "let the free market decide," she really didn't think out that statement. Imagine a world with no zoning laws. What would stop a company from building an oil refinery right in the middle of a residential neighborhood? Think about it.
We visit Palm Springs regularly, and these past two seasons the rates of everything have gone up - ridiculously. The market shall now correct itself. 👍
Most of the Airbnb's I've stayed at were someone's basement, granny unit, upstairs room, what have you -- and the owners actually lived on the property. That being said, I recognize a lot of Airbnb rental listings are NOT like that and have been contributing to skyrocketing home prices. Great for Palm Springs to take action, hope more cities follow.
Communities should be *either 0% or 100%* Airbnb and nothing in between. It's abusive to the full-time residents to turn a good community into a partial motel community with random people moving in and out of the community every day.
Imagine a California that didn’t condone mass illegal immigration, limited Airbnb, eliminated state income tax, made smash and grab robberies a class 2 felony with mandatory min 10 years, opened mental asylums for crazy people, and banned panhandling. Imagine!
Airbnb is for convenience, but it is a disturbance to a neighborhood/community if there are too many party houses. I don't blame the residents wanted to oust Airbnb property owners. Some townhome communities even have a tenant to resident ratio restriction.
Take away from the housing market? Those million dollar homes aren’t taking away from the market. Our government not loosening building restrictions/zoning and incentivizing builders to build smaller units is the problem. It’s just a supply problem. And the government makes it VERY hard for builders to build. And when they can build it has to be a lot of SF in order to profit now due to cost and restrictions.
Nice comment. Finally someone who understands what is going on. Not like all these other people here whining and blaming Airbnb for not being able to afford a house.
Im a fan of the free market, but this was a loophole that needed to be closed. There's a reason hotels cannot be built in residential neighborhoods or why industrial properties can't be in shopping malls or why shopping malls cannot be used as offices. Uses are separated by zoning for a reason, and properties values change depending on that zoning. AirbnB temporarily found a way to increase property values and rental income by skirting zoning laws. Effectively turning residential zones into commercial entertainment zones. It was only a matter of time before the laws caught up.
@@katiem4539they’re pointing out that when the video says “poor people in the neighborhood whose property values will decline”, the video is talking about people who saw their property values shoot up because of how much abnb can make in that area. There’s no reason to feel sorry for them. The net effect is zero. Back to what the price is when the houses in town are for people who live and work in town. Maybe you’d rather maximize homelessness
Palm Springs property market is not in free fall, whatever that means. An example was given that someone bought a house for 1.5m that’s now worth 1m. Really? There is not a 33% collapse in prices. I don’t believe this story. I live in Palm Springs and in the last year prices in my neighbourhood have risen 9%. The figure of 40% of all homes being vacation rental homes was given - yes: it’s a vacation town and 40% have always been short term rental - years before Airbnb - because at any one time there are tens of thousands of tourists and visitors many who come in family or friend groups and they want party homes with pools and hot tubs, not hotels. If there is a market correction then it’s reflecting the national trend because during Covid many people moved here from LA and SF to WFH, but many tech WFH people have been laid off recently, it has little to do with the City’s limit on Airbnb. Palm Springs abounds with gorgeous luxury homes that sell at a premium. The item does not show any footage of Palm Springs or interviews with homeowners who have sold at a crashed price. I was here in 2008. That’s free fall. This is nothing like that.
good! do this every where families are suffering i just saw my daughters friend Ari fall behind on rent homeless she’s washing herself at school in the sink! This is sick someone stop this greed
I used to own a weekend house in Palm Springs that I bought when prices were fairly low following an economic downturn, so I know that market pretty well. IMO, this is less about Airbnbs than it is high mortgage interest rates. Palm Springs is a place with a lot of second homes and investment properties, and those markets are always the first to be hit in unfavorable economic/financial climates. These properties become much more out of reach when people are forced to pay thousands more each month in interest charges. It was fairly easy to see this coming, with rates the highest they've been in over 20 years.
In nashville where I live there aren't alot of air bnb and am glad never would I want my neighborhood being occupied by strangers we look out for each other and it is a safe neighborhood with high value homes the air bnb homes don't add value either because the few I have seen in nashville are run down
So families who complained about the Air B&B's next door are now going to complain that their housing prices/equity are going down. Can't have it both ways.
I wish they would do this in my area. Since the pandemic and all the horrible people that moved here from NYC rents have doubled. There is nowhere for young people or workers to live. Rents for a 3 bed 2 bath ranch can be 9k a month.
The government always knows what's best for communities. They would never do something like this just because large hotel chains donate to their campaigns.
It’s not the govt per se. It’s local residents fighting back. Neighborhoods and communities are sick and tired of party homes every weekend taking up parking spaces, loud noises at night and leaving trash. These are essentially motels in the middle of residential zones.
Her points are moot. The property taxes still get paid whether or not there are short term renters occupying the homes. And if property prices fall as a result of this it’s only because they were artificially inflated by airbnb itself…
The income that these houses are generating for their owners what's the weather is what is artificially driving up the costs in conjunction with the record number of people that don't want to sell because the interest rates are so high of the Heat and multiple Decades of lackluster construction rates. If you want housing to go down in price you must overbilled!
I own a few rentals and run them fully furnished…. I SUPPORT THIS! Even in the Midwest with affordable housing, if too many homes get pulled out of the normal market it screws it up for all the locals.
not a fan of the government dictating what you can do with your own property beyond ridiculous or unsafe things. don't bring the homeless situation into this, that has zero to do with this.
I mean, why don’t they just then rent it out to renters for more than 1 year? People don’t really need to sell it unless they are only in it for the AirBnB. I have a house I rent, it’s good income regardless of how long the people stay for.
That's the whole point of Palm Springs. Bored Boomers and Airbnb rentals. Why else would you live in 108 degree weather with nothing to do but go to cookie cutter shopping malls and golf courses.
You can always tell someone in the comment section who has no idea about the culture of Palm Springs and surrounding communities. That's all right we don't need you to visit here anyway.
I’ve always liked Palm Springs and the surrounding areas such as Rancho Mirage, La Quinta, etc. If prices start to become more reasonable I might look into buying there. Cheers! 😎
also, governments should stop subsidizing airlines, as it creates a huge number of tourists who often use airbnb, in turn driving up the the rents for the working class in all major cities
Or....people could stop renting Air BNB and making it popular and driving up the price. Hmmmm smh Dont wait for cities to think straight and help the town out. They are the owners of these houses.
Shelby Church had an airbnb and is going to make it a long term rental, it is actually more lucrative as you get a steady income and less work to maintain, property management, etc.
I recently ran across her channel and watched some of those videos. It's super impressive how transparent she is with the exact numbers. Very informative. I think most people would find that the numbers aren't nearly as good as one might think, and she has a low mortgage.
i agree, many Airbnb loose out as the damages caused out ways the income they get in, some people rent it for a weekend and totally mess it up,the deposit asked is not enough to even repair it,
@@SigFigNewton i have seen so many videos here on ytube about how the owners of Abnb complain and next-door neighbours complain about the noise and how their properties get misused by overnight renters, thats the problem of renting it out per night, and you dont stay at the property, so much damage gets done that the deposit does not even cover the repair costs,
Palm Springs is in the desert. During the peak season, December thru March the population explodes to over a hundred thousand. During non peak months the area shrinks to ten thousand. Limiting tourism access to this area would really hurt their economy. We stay a month at a time and would never stay anywhere accept an ABNB.
“Let the free market decide” never ends well for society as a whole my friend. Finally some brave and wise actions from city government considering something OTHER than the almighty dollar. Bravo!
Every single a-hole that ran to Palm Springs and over paid on properties just to try and flip them for even higher ridiculously amounts. I hope struggles to sell and takes a major loss so they can’t do it again down the road.
I am in agreement with people living in the community. However, if you live there and rent out part of the property, that should be allowed. Follow the money. The hotel chains are miffed that everyday folk are finding ways to put food on the table.
All of yall acting like it’s a good thing that homeowners just lost 30% of their retirement, and I’m not talking about the Airbnb people… you guys are so eager to cut off your nose to spite your face it’s crazy
Yeah, I totally agree, we cannot continue using housing as a profit center. People need a place to live. We also need to limit the insanity of foreign investors scooping up properties and never even living in them. They just sit fake it.
![Hunxho - Ball Forever [Official Video]](http://i.ytimg.com/vi/nki9ZTF9Uls/mqdefault.jpg)
Air bnb has caused home prices to rise all over the world's more popular locations
any proof as the opposite is being told,
@@Palmstreet-u7x?
I think foreign money from China sweat shop managers, and other foreign elite are driving up U.S. real estate with cash offers well above asking. Make a law that says only U.S. citizens can own residential property like houses, condos, and apartment buildings. Thrown in farmland too.
@@Palmstreet-u7x There IS proof and you've seen it yourself. Why are you posting what you posted?
@@Palmstreet-u7x The proof is supply and demand.
We needed this protection. It’s infuriating to watch all affordable properties go to people who already have 30 houses. 😏
Right 😉
💯. This Airbnb need to be stopped at certain level, attainment of Real Estate is the bed rock of the social contract and human inspiration. Im a free market- libertarian supporter, NOT an absolutist. There must be Ying with Yang, but people are radicalized at the two extremes these days, i guess they will only get it once water and air got privatized.
I have 35 houses and 3 trailer parks that I bought with hard earned crypto money so I don’t agree with any of you!
@@vintageexcellence😂
You wanna live in Palm Springs?
A business actively operating in a residential zone. Expect to deal with the regulations.
More cities need to do this.
@Greymatter-to3th Most cities aren't vacation destinations and don't need to do anything. And some vacation destinations don't want to shoot themselves in the foot by making it harder for paying tourists to find places to stay. Many such places have lower priced outlying areas where locals can afford housing. It's a particular problem, though, in the mountains near ski resorts, where there's so little habitable land and in California generally where pretty much every place is absurdly expensive.
most big Texas cities have already banned airBNBs in noncommercial zoning. glad the rest of the US is catching up and learning what AIRBNB has done to the global housing supply
No more than 40% of a city's residences should be rentals (excluding hotels)
New York city was.the first to start cracking down on Airbnbs and they're a vacation destination
Why do people lie?!
Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet.
The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
Love this. My city banned AirBNB. Homes went from costing 500K to near 200-300 now. They will soon hit 200K from this crash.
what city is that?
Yeah, I’d love to know. That is striking if true
Wow. Had no idea it had that much of an impact. Do Airbnb landlords really charge that much for stays?
lies
Where is that??
Airbnb's completely destroy neighborhoods.
Amen. it is destroying the country as well, maybe even the world or at least is a massive contributing factor in the housing crisis
And yet everyone wants to do it
@@rsb7608bc what do you get out of it if one person stops doung it? isnt the saying if you cant beat em' join them?
Why do people lie?!
Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet.
The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
They should do this nationwide to let the people can get some relief
Why do people lie?!
Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet.
The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
@@ciclurieconomice8494 💩
💯
Yes, every city needs to do this ASAP. There are two houses behind me on the next street that are Air BnB "Party Houses". They sit empty until someone rents to throw a party. They care less about what the neighbors think.
key reason for not owning a home
Rentals, period, are a cancer in any neighborhood they're in.
This is a failure of local police. Homeowners must abide by local laws and make sure tenants are quiet during quiet hours. Nothing to do with Airbnb.
Why do people lie?!
Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet.
The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
Good that the home values are correcting to more realistic values.
yes ones who work there might be able to buy , mid century modern in Palm Springs are over priced to begin with, one can go to the coast for the same price , as most resorts the workers can not afford to buy or rent in the city of ps
Ya, but has nothing to do with Airbnbs and short term rentals. That just Media hype. Realstate been going down all over. Even places that are full of Airbnbs. One has nothing to do with the other.
Why do people lie?!
Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet.
The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
Good! I have a small cleaning company and we decided to stop working with airbnbs. The “investors” are annoying and tried to treat us like property managers. I happily welcome the fall of airbnb! It always sucked
This law would wipe out the real estate in San Diego, it desperately needs it though.
yes please. So typical Americans can actually afford a home now.
more like, make real estate affordable to actual people again
Actually, they already did back in 2019. "The San Diego City Council has voted to create strict regulations for short-term vacation rentals. Starting in July of 2019, short-term rentals will only be allowed in owners’ primary residences, and both short-term rental operators and online rental platforms such as Airbnb, VRBO, and HomeAway will have to abide by several new requirements. The city also plans to step up its enforcement of short-term vacation rentals....The city will also require three-night minimum stays for popular coastal areas and downtown."
Wiped out? Hardly. But it would undergo a correction which means more realistic prices for real estate in general.
You mean San MEXICO 🇲🇽🌊🍻🏁🏆🥑❤️
Short term rentals are a zoning violation. We have zoning in this country for a reason. The residential zone is supposed to be stable and quiet. Visitors belong at resorts, or at hotels in the business zone where their comings and goings and noisy partying don’t disturb people in their homes.
Perfectly said
Your response is perfect!
My neighborhood used to be a quiet retiree community on a golf course. Because one of the neighbors started an airbnb rental we have a steady stream of strangers coming and going. They bring pets and don't cleanup after them. They throw loud parties where guests park in front of our driveways. It's unacceptable and needs to stop.
Zoning ordinances never addressed this. Just making up facts.
@@cangle37 Short term rentals are considered hotels and motels. Those are businesses.
Good for them they’re taking care of their community… in my opinion
Why do people lie?!
Bank data clearly show that rents in the area have ballooned to alarming levels. It doesn't show falling rents anywhere, yet.
The rent index clearly shows in the region from H1 2020 index 324.44 to H2 2023 index 444.48. Where have rents fallen? As a result, the cost of living ballooned excessively.
good, homes are too expensive
I remember going to Seattle once a month for a cheap airbnb for 40 dollars a night. The next year it was 100 a night. On Saturdays they were trying 140 a night. Then Seattle cracked down on multiple home ownership for airbnbs. It folded.
Hopefully the "Free-Fall" will result in home prices falling to values working-class Americans can afford to buy.
AirBnB resulted in thousands of houses disappearing from the real estate market, leaving what few remained for sale to skyrocket in price!
💯… it is a “ market correction” … I distrust their purposeful use of “free fall” … it implies families being sent to the poor house. 🤣
Not in Palm Springs it won’t!
There are 2,250,000 AirBnB listings in the US
Yes, it was a bubble and simply burst.
Nope not in Biden's economy
A friend of the family owns a ton of properties in Palm Springs and ALL of the them are (or were lol) Airbnb. I just kept my mouth shut about their business but I am glad to see the city of Palm Springs step up to put an end to this practice.
As a Palm Springs resident, I don’t know where the “free fall” data is coming from. A lot of new buyers are also full timers (a huge demographic change due to the pandemic) and these new residents also don’t want renters.
Palm Springs proper is built out and supply is very low for single family homes. The modern midcentury homes are highly sought after.
People don’t want to buy million dollar homes also don’t want to be next to party houses.
Right, it’s good for the people living in that neighborhood. But it’s also good for multiple nearby neighborhoods as well. Just sucks for the abnb owners, but is massively worth it
Right we don’t want to have our investments next to crack housing/ sober living drug addiction housing either; CHEERS 🥂🥂🥂🍻💉💉💉💊💊💊
Have always seen Palm Springs as a sheet of glass, where it's biggest income comes during times of the year when weather isn't in the triple digits. As someone stated earlier, prices shall be corrected.
There's no free fall. It's BS.
I'm also a Palm Springs resident. Where is this "free fall" referenced in the report? Prices of home are still through the roof (pun intended). Vacation rentals have artificially escalated the price of homes and make it nearly impossible for an average person who is not an investor, or investment group to afford a home. Prices will respond to normal market conditions when the brakes are applied to this Air BNB nonsense.
People are losing homes left & right, few can afford ONE home, let alone income property. Some can't put food on the table working 4 jobs between spouses. And THIS is a "boo hoo moment?" More cities need to limit this so teachers & students don't leave in droves, closing schools. "Essential workers" need housing close to their jobS.
but if u could go and ask those people to reveal their income to the expenses they have --what will you find------they live far above their means, ===kids have iPhones , cellphones accounts are so high,and parents, expensive cars, eating out bill is so high, holiday expenses, i have a relative who works in a bank,,, and they say they have it daily that people come in to see if they can drop their monthly credit card pay back, some people have 4/5 credit cards, not because their salary is not enough, they just live to high,rest of my family live in South Africa, there its the same --- people live in double story houses, ride double cab pickups as its called there which cost close to 1 million SA Rand, their cellphone accounts is in SA rand around 3/4 thousands Rand's, black people buy KFC by the buckets full there, and this is a worldwide trend, in Germany its the little bit better as many people dont have cars because of the excellent public transport,
Stop sniveling. And stop voting for Biden so our county might return to normal.
@@danmoore3660trump turned the money printer on, Biden just left it running
Go live under a nice solid ROCK 🪨 😂🎉🦕
@@albatross8
I wish they would have done this in the San Fernando Valley, but they didn’t and that’s why we sold our home and moved. A guy on our small street was renting out his house continuously and disrupting the whole neighborhood.
Most of the valley is the city of LA the city of LA needs to do it
why the hell would people want to visit San Fernando Valley
@@teddylovesit Not if you live there probably, but when I lived there, people did want to visit. 🙄
Imagine staying in hotels and house prices declining. In every city.
Imagining complete, next task please
Imagine taking a dump & not a square to spare 🎉
House prices *correcting,* not declining. They were artificially inflated by the phenomenon of short-term rentals. Time for that party to end.
@@albatross8Japanese toilet is your friend.
I lived in Palm Springs for eleven years. I moved in with relatives in NorCal in 2008 just after the housing market crashed. It’s even more expensive to live in the desert now that families and working class folks originally from the area can’t even afford to live there now. In fact, I shared a house with several friends and was able to afford my share of the rent by working at the very same Starbucks Coffee on the top right of the screen at 00:38 in the video!
That whole area has really matured and gone upmarket. It's as expensive as Orange County now.
That's a sensible policy. I live in a destination vacation town (near a ski mtn) - there are virtually no long-term rentals in our town for average people who don't own homes and must rent. There has not been new building either in the last few years. Blackrock, Vanguard, etc, are buying up homes to control the housing market.
Part of the issue is that long term renters have been trashing properties, not paying rent (covid induced for some), and staying free until evicted which takes months or a year. Landlords like myself have thrown in the towel and gone to Air BnB which has policies in place to protect owners. Tenants have done this to themselves in many areas.
Good, this is necessary to get things back to how they should be. And while we're at it, we should ban ownership of multiple single family homes.
Great idea.
Hey bro I was 26 years old when I bought my first triplex. The owner I bought it from owned 17 rentals triplex’s , 4 plexs and 8 unit properties and 4 businesses. And was building a new block here. His dead now. I asked him how he did it back in the day there was loop holes that they had to only put down 10 percent I believe. I bought another triplex on someone else credit. Because to buy another property I needed 20 percent down. So there’s rules already bro that stopped part of this mini monopoly that went on.
Yep!! Absolutely right!! Just like they do in China and Russia or how about Vietnam or North Korea?? Pure IGNORANCE!! .... How about let developers build where there is demand!! Cut the BS red tape and corrupt bureaucracy!! I can't believe the level (or lack thereof ) of intelligence in this country - astounding!!!
Good luck getting even 25% of the buyers to commit to Palm Springs for 365 days of the year.
@Greymatter-to3th So what yoou are saying is that you embrace Communism??? Cuz that is pretty much what you're advocating!!
Apparently Andy’s hairdo got too close to a Palm Springs wind turbine.
Lolololol
😂😂😂
Looks great!
It creates an artificial housing shortage. People can't buy or rent homes because whole neighborhoods are giant motels. Anyway, who would want to live in an area that has the feel of living in a cheap Vegas hotel? I'm all for more cities doing this. People who are buying are speculating while driving out families that make it a community. If the rules are changed after a speculator bought their house and now is crying foul, so be it. Rules are made to be changed. When the reporter said "let the free market decide," she really didn't think out that statement. Imagine a world with no zoning laws. What would stop a company from building an oil refinery right in the middle of a residential neighborhood? Think about it.
Exactly
Great news! The rest of the country needs to do this.
We visit Palm Springs regularly, and these past two seasons the rates of everything have gone up - ridiculously. The market shall now correct itself. 👍
Most of the Airbnb's I've stayed at were someone's basement, granny unit, upstairs room, what have you -- and the owners actually lived on the property. That being said, I recognize a lot of Airbnb rental listings are NOT like that and have been contributing to skyrocketing home prices. Great for Palm Springs to take action, hope more cities follow.
Good for Palm Springs! All cities need to throttle Airbnb back significantly.
As a tourist, AirBnb is an awesome way to experience the world. As a resident, an airbnb next to you can turn into the biggest nightmare.
Stay home and mow your lawn once in your life.
Couch surf and save your money 💰 🎉😂
Communities should be *either 0% or 100%* Airbnb and nothing in between.
It's abusive to the full-time residents to turn a good community into a partial motel community with random people moving in and out of the community every day.
Freefall…😂😅😢 We ain’t got money anyway, let alone a measly little million dollars.
A development lot in Canada is a million dollars in almost ANY city I can think of, and tha't w/o a house on it!
It is a very good idea. There has to be some restrictions. We need this in Asheville, NC.
right there with you
Imagine a California that didn’t condone mass illegal immigration, limited Airbnb, eliminated state income tax, made smash and grab robberies a class 2 felony with mandatory min 10 years, opened mental asylums for crazy people, and banned panhandling. Imagine!
🎵 "And I think to myself...what a wonderful world" 🎵 😀
Airbnb is for convenience, but it is a disturbance to a neighborhood/community if there are too many party houses. I don't blame the residents wanted to oust Airbnb property owners.
Some townhome communities even have a tenant to resident ratio restriction.
Take away from the housing market? Those million dollar homes aren’t taking away from the market. Our government not loosening building restrictions/zoning and incentivizing builders to build smaller units is the problem. It’s just a supply problem. And the government makes it VERY hard for builders to build. And when they can build it has to be a lot of SF in order to profit now due to cost and restrictions.
Nice comment. Finally someone who understands what is going on. Not like all these other people here whining and blaming Airbnb for not being able to afford a house.
About time. AirBNB has been sich a huge detriment to affordable and available housing. Good riddance.
Im a fan of the free market, but this was a loophole that needed to be closed. There's a reason hotels cannot be built in residential neighborhoods or why industrial properties can't be in shopping malls or why shopping malls cannot be used as offices. Uses are separated by zoning for a reason, and properties values change depending on that zoning. AirbnB temporarily found a way to increase property values and rental income by skirting zoning laws. Effectively turning residential zones into commercial entertainment zones. It was only a matter of time before the laws caught up.
Price doesn't drop .it comes down to what it really should be
Ridiculous comment
@@katiem4539they’re pointing out that when the video says “poor people in the neighborhood whose property values will decline”, the video is talking about people who saw their property values shoot up because of how much abnb can make in that area. There’s no reason to feel sorry for them. The net effect is zero. Back to what the price is when the houses in town are for people who live and work in town. Maybe you’d rather maximize homelessness
Palm Springs property market is not in free fall, whatever that means. An example was given that someone bought a house for 1.5m that’s now worth 1m. Really? There is not a 33% collapse in prices. I don’t believe this story. I live in Palm Springs and in the last year prices in my neighbourhood have risen 9%. The figure of 40% of all homes being vacation rental homes was given - yes: it’s a vacation town and 40% have always been short term rental - years before Airbnb - because at any one time there are tens of thousands of tourists and visitors many who come in family or friend groups and they want party homes with pools and hot tubs, not hotels. If there is a market correction then it’s reflecting the national trend because during Covid many people moved here from LA and SF to WFH, but many tech WFH people have been laid off recently, it has little to do with the City’s limit on Airbnb. Palm Springs abounds with gorgeous luxury homes that sell at a premium. The item does not show any footage of Palm Springs or interviews with homeowners who have sold at a crashed price. I was here in 2008. That’s free fall. This is nothing like that.
good! do this every where families are suffering i just saw my daughters friend Ari fall behind on rent homeless she’s washing herself at school in the sink! This is sick someone stop this greed
Banks won't loan on single family homes if the area has a higher percentage of rentals vs the owner living in it as well !
we need this Nation wide.....Im shocked to see that cali would help its citizens
Only one city taking action, not the state.
I used to own a weekend house in Palm Springs that I bought when prices were fairly low following an economic downturn, so I know that market pretty well. IMO, this is less about Airbnbs than it is high mortgage interest rates. Palm Springs is a place with a lot of second homes and investment properties, and those markets are always the first to be hit in unfavorable economic/financial climates. These properties become much more out of reach when people are forced to pay thousands more each month in interest charges. It was fairly easy to see this coming, with rates the highest they've been in over 20 years.
true id go to the coast for the price of some palm springs homes but a nice mid century modern for $699 k id buy not at $1,000,000
In nashville where I live there aren't alot of air bnb and am glad never would I want my neighborhood being occupied by strangers we look out for each other and it is a safe neighborhood with high value homes the air bnb homes don't add value either because the few I have seen in nashville are run down
Interesting how everyone else decides what you can do with your private property. America, land of the free. Hypocrites.
Full-time residents don't want to live among vacation renters.
Hear that San Francisco,,,,catch up......
Doesn't matter so many people are leaving the crap state what difference does it make.
good. prices are out of hand. and they are not hotels.
Can we talk about his cool hair that defies gravity like johnny bravo?!
Hahaha my experience with hairspray today was extreme.
So families who complained about the Air B&B's next door are now going to complain that their housing prices/equity are going down. Can't have it both ways.
I wish they would do this in my area. Since the pandemic and all the horrible people that moved here from NYC rents have doubled. There is nowhere for young people or workers to live. Rents for a 3 bed 2 bath ranch can be 9k a month.
The government always knows what's best for communities. They would never do something like this just because large hotel chains donate to their campaigns.
It’s not the govt per se. It’s local residents fighting back. Neighborhoods and communities are sick and tired of party homes every weekend taking up parking spaces, loud noises at night and leaving trash.
These are essentially motels in the middle of residential zones.
Her points are moot. The property taxes still get paid whether or not there are short term renters occupying the homes. And if property prices fall as a result of this it’s only because they were artificially inflated by airbnb itself…
Kicking abnb out of this neighborhood improves multiple neighborhoods
….making more room for sober living housing!!
HAHAHAHAHAHA 💉💉💉💉💉💉💉💊💊💊💊💊💊☠️☠️☠️☠️☠️
Wish the mountain resorts would do this...
No.
People who work at ski resorts must live in vans.
It’s the natural way of things
Wish for more avalanches; cheers 🥂 !! 🌊❄️❄️❄️❄️
"free market" is a hilariously child like term. Total nonsense with no real meaning.
County of San Bernardino did a comprehensive non-partisan study finding no correlation to home affordability and STRs.
The income that these houses are generating for their owners what's the weather is what is artificially driving up the costs in conjunction with the record number of people that don't want to sell because the interest rates are so high of the Heat and multiple Decades of lackluster construction rates. If you want housing to go down in price you must overbilled!
Awesome.......Because genuine families want to live there.......I am so sick of AirBnB's.
I own a few rentals and run them fully furnished…. I SUPPORT THIS! Even in the Midwest with affordable housing, if too many homes get pulled out of the normal market it screws it up for all the locals.
Prices are falling anyhow and it is not short term rentals. It the Market and it accross the board. Even in Airbnb oked areas.
Please do this in SAN DIEGO!!!!!!!!
Listen to her..."allow the "free" market to dictate".
Tell your parents are landlords without telling me your parents are landlords!
not a fan of the government dictating what you can do with your own property beyond ridiculous or unsafe things. don't bring the homeless situation into this, that has zero to do with this.
I mean, why don’t they just then rent it out to renters for more than 1 year?
People don’t really need to sell it unless they are only in it for the AirBnB.
I have a house I rent, it’s good income regardless of how long the people stay for.
What is your rent?
That's the whole point of Palm Springs. Bored Boomers and Airbnb rentals. Why else would you live in 108 degree weather with nothing to do but go to cookie cutter shopping malls and golf courses.
You can always tell someone in the comment section who has no idea about the culture of Palm Springs and surrounding communities. That's all right we don't need you to visit here anyway.
“Let the free market decide” is literally how they got into this mess.
I’ve always liked Palm Springs and the surrounding areas such as Rancho Mirage, La Quinta, etc. If prices start to become more reasonable I might look into buying there. Cheers! 😎
same with Joshua tree
Airbnb not making cost of living affordable for families
The guy anchor cutting the woman anchor off every time she starts talking
Might mean more foreclosures coming if owners are dependent on rental income to make payments
So the problem is greed?
Andy says it's about making money...
also, governments should stop subsidizing airlines, as it creates a huge number of tourists who often use airbnb, in turn driving up the the rents for the working class in all major cities
Waiting for LV property facing same …, bust!
screw air bnb
Or....people could stop renting Air BNB and making it popular and driving up the price. Hmmmm smh
Dont wait for cities to think straight and help the town out. They are the owners of these houses.
So glad they are putting a limit on the Air B&B’s
Shelby Church had an airbnb and is going to make it a long term rental, it is actually more lucrative as you get a steady income and less work to maintain, property management, etc.
I recently ran across her channel and watched some of those videos. It's super impressive how transparent she is with the exact numbers. Very informative. I think most people would find that the numbers aren't nearly as good as one might think, and she has a low mortgage.
i agree, many Airbnb loose out as the damages caused out ways the income they get in, some people rent it for a weekend and totally mess it up,the deposit asked is not enough to even repair it,
It’s almost as tho people who live there long term don’t want to turn it into a pigsty
@@SigFigNewton i have seen so many videos here on ytube about how the owners of Abnb complain and next-door neighbours complain about the noise and how their properties get misused by overnight renters, thats the problem of renting it out per night, and you dont stay at the property, so much damage gets done that the deposit does not even cover the repair costs,
The Sober Living Drug Addiction Addicts also cause numerous complaints 😂😂😂😂😂😂😂😂😂😂
They need to do this everywhere. Something with rental properties.
“That’s pretty wild to think about” what an articulate and observant thing to say for someone Who reports the news!!!
EMD OF PRIVATE PROPERTY. THE SHOULD OF JUST GONE AFTER THE COOPERATIONS BUYING PROPERTY
Palm Springs is in the desert. During the peak season, December thru March the population explodes to over a hundred thousand. During non peak months the area shrinks to ten thousand. Limiting tourism access to this area would really hurt their economy. We stay a month at a time and would never stay anywhere accept an ABNB.
I like the young man (Andy) who gave the report. He is so young, but he is doing a good job and is well spoken. He is also kind of cute, to be honest.
I'm 35! (but thank you so much, very kind)
“Let the free market decide” never ends well for society as a whole my friend. Finally some brave and wise actions from city government considering something OTHER than the almighty dollar. Bravo!
Too Hot in the Summer for me.......And Desert Folk are pretty weird as a Group.
"Freefall." Serious? What's the definition of freefall? I live in PS. Let me know where I can buy a house where the value dropped 40% or more.
Every single a-hole that ran to Palm Springs and over paid on properties just to try and flip them for even higher ridiculously amounts. I hope struggles to sell and takes a major loss so they can’t do it again down the road.
But but but... if u keep all of the TOURISTS out... Palm Springs will dry up and blow away.
Long term rentals are destroying our area as well.
What? So people should just buy? No renting? Ok...
good medium home price was $400k five years ago today its $850k and its not due to AirBnb
I am in agreement with people living in the community. However, if you live there and rent out part of the property, that should be allowed. Follow the money. The hotel chains are miffed that everyday folk are finding ways to put food on the table.
Banks are miffed that this will lower mortgage costs
I’d like to see this catch on
Amen I hope they do this all over the US
Don't hold your breath if you live in a Republican stronghold
All of yall acting like it’s a good thing that homeowners just lost 30% of their retirement, and I’m not talking about the Airbnb people… you guys are so eager to cut off your nose to spite your face it’s crazy
Yeah, I totally agree, we cannot continue using housing as a profit center. People need a place to live. We also need to limit the insanity of foreign investors scooping up properties and never even living in them. They just sit fake it.
Good! Anything to deflate the home price "bubble"
40% ABnB?! HA! Idyllwild's Pine Cove is around 80%, just the other side of the mountain. Freaking ghost town most of the time.
What a lame place to live
You all just realizing that these rich people played us with covid and now its crashing down all around us ? 😂😂😂
Bravo Palm Springs! 🎉 take back the neighborhoods