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Imo the point on them being treated like businesses is spot on, whether its a home owner listing or an investor listing its a business, and of its being done in an area not zoned for business then its a violation.
I've got friends that have had their neighborhoods in the black hills turned into abnb parks. They were used to it for a few weeks during the rally, but typically the owners moved back into their homes, now its year around cycling of people in and out of the neighboring homes, and treating the area like kids on spring break at times.
I can totally see the same issue they are describing here. I dont see this as a positive trend for people living in these destination areas. I also don't see it changing anytime soon.
Another issue this does create, who are the employees for the local businesses in these areas when nobody can afford the housing after outside money buys up all the real-estate for non resident rentals? We've seen that issue in the Hills as well. Outside money drives locals out of the market and they find new jobs closer to their new home and there's nobody left in the previous town to work.
Quote: @JimmyinSD said:
Imo the point on them being treated like businesses is spot on, whether its a home owner listing or an investor listing its a business, and of its being done in an area not zoned for business then its a violation.
I've got friends that have had their neighborhoods in the black hills turned into abnb parks. They were used to it for a few weeks during the rally, but typically the owners moved back into their homes, now its year around cycling of people in and out of the neighboring homes, and treating the area like kids on spring break at times.
I can totally see the same issue they are describing here. I dont see this as a positive trend for people living in these destination areas. I also don't see it changing anytime soon.
Another issue this does create, who are the employees for the local businesses in these areas when nobody can afford the housing after outside money buys up all the real-estate for non resident rentals? We've seen that issue in the Hills as well. Outside money drives locals out of the market and they find new jobs closer to their new home and there's nobody left in the previous town to work.
Yep, definitely not a positive. The Air BnB shit has gotten completely out of control. It affects rental costs severely. And renters just don't treat property like they own it, so shit gets busted up, filthy, no respect for the neighbors with loud music and parties, etc. Its turning into a plague for some home owners in various pockets around the country. People will pay outrageous amounts for 'experiences' right now, racking up unprecedented debt. And then those that can afford it don't care how much it costs.
Interesting sidetone: so my wife and I had traveled to Italy/Spain just over two years ago: we got a walking tour in Florence and in this one beautiful large piazza all the elevated homes surrounding it (and I mean all of them) are all Air BnB because tourists who will pay ANYTHING to stay there. They make hundreds of thousands of dollars renting them out annually.
Quote: @StickyBun said:
@ JimmyinSD said:
Imo the point on them being treated like businesses is spot on, whether its a home owner listing or an investor listing its a business, and of its being done in an area not zoned for business then its a violation.
I've got friends that have had their neighborhoods in the black hills turned into abnb parks. They were used to it for a few weeks during the rally, but typically the owners moved back into their homes, now its year around cycling of people in and out of the neighboring homes, and treating the area like kids on spring break at times.
I can totally see the same issue they are describing here. I dont see this as a positive trend for people living in these destination areas. I also don't see it changing anytime soon.
Another issue this does create, who are the employees for the local businesses in these areas when nobody can afford the housing after outside money buys up all the real-estate for non resident rentals? We've seen that issue in the Hills as well. Outside money drives locals out of the market and they find new jobs closer to their new home and there's nobody left in the previous town to work.
Yep, definitely not a positive. The Air BnB shit has gotten completely out of control. It affects rental costs severely. And renters just don't treat property like they own it, so shit gets busted up, filthy, no respect for the neighbors with loud music and parties, etc. Its turning into a plague for some home owners in various pockets around the country. People will pay outrageous amounts for 'experiences' right now, racking up unprecedented debt. And then those that can afford it don't care how much it costs.
Interesting sidetone: so my wife and I had traveled to Italy/Spain just over two years ago: we got a walking tour in Florence and in this one beautiful large piazza all the elevated homes surrounding it (and I mean all of them) are all Air BnB because tourists who will pay ANYTHING to stay there. They make hundreds of thousands of dollars renting them out annually.
my brother went to black hills state in Spearfish SD, him and some buddies rented a monster house annually for their time there and got it pretty cheap for what they had, the one caveat.... they had to be out for 4 weeks around the Sturgis Rally, the family that owned the house made more in that month of the rally than what my brother and 4 or 5 friends paid for the rest of the year. as you say, people will pay for an experience.
In the era of large scale inflation, people with assets will
see their assets inflate in value, and people without assets will be priced out
of the market. And we’re seeing that
play out in housing market where it just makes sense for anyone with money or
collateral to go out and buy housing and try to turn it into an investment. AirBNB is interesting because it’s an asset
class that normal people can afford, and I don’t think the short term rental
business should be limited to massive buildings. It’s also real nice to have a kitchen, be immersed
in a neighborhood, etc. But it
absolutely is taking units off the housing market for regular people. Similarly, investors who buy houses for long
term rentals, that then charge more for rent than a persons mortgage would cost
are taking units off the housing market for people looking to purchase a home.
I think local governments need to do studies to find out how
many houses need to be available to support all 3 of these needs, and when
there’s shortages in housing there needs to be some amount of regulation to ensure
that local homeowners-to-be get priority, and then long term rentals, and then
AirBNB. I really think we’ll probably
see communities have to start laying hefty taxes onto people that are buying
houses for AirBNB or long term rentals and potentially returns that money to people
that are looking to buy their first homes.
It seems like the simplest and most obvious way to balance the havoc
that inflation is causing between the capital and labor populations.
I think there’s also probably going to have to be some sort
of method for ensuring that there’s too many houses on the market. As long as there’s a shortage of houses to
purchase, people will go into as much debt as possible as long as the bank will
create the money for them, because the debt is killing our nation. There needs to be some amount of empty
housing to keep prices low, and we need to figure out how to do that.
It's a problem without a good solution currently, so I assume the AirBNB/housing shortage will be a problem for a long time.
On a much smaller and less drastic scale, you see the same thing with NFL tickets. Of course Joe Viking Fan doesn't want to see green and yellow in the stands at USB. But if you're a season ticket holder and can pay for half the season of tickets by selling your Packer game tickets, suddenly that option sounds pretty darn good to a lot of people. Especially to those people who are tight on cash but want to go to Vikings games.
Housing is different of course but if people (or companies) can make money by buying property and renting it out, it's hard to tell them not to. Even harder to force them not to.
do abnb renters have to pay local bed and booze taxes and the other bull shit cities tack onto hotel stays to target visitors to those cities?
Quote: @medaille said:
I think local governments need to do studies to find out how
many houses need to be available to support all 3 of these needs, and when
there’s shortages in housing there needs to be some amount of regulation to ensure
that local homeowners-to-be get priority, and then long term rentals, and then
AirBNB. I really think we’ll probably
see communities have to start laying hefty taxes onto people that are buying
houses for AirBNB or long term rentals and potentially returns that money to people
that are looking to buy their first homes.
It seems like the simplest and most obvious way to balance the havoc
that inflation is causing between the capital and labor populations.
This will never, EVER happen. What will happen is and is already happening is that there will be places people can't afford to live. How would you regulate 'local homeowners' getting priority? You can't regulate what people do with their private property outside of HOAs. REITs already skew the housing numbers and projections....so many people don't even know what those are. There's no stopping investment trusts from buying real estate and there won't be as their lobby is massive. Hell, the large ones are on the stock market.
Its a shitty situation what is happening now, there's zero doubt about it.
Quote: @StickyBun said:
@ medaille said:
I think local governments need to do studies to find out how
many houses need to be available to support all 3 of these needs, and when
there’s shortages in housing there needs to be some amount of regulation to ensure
that local homeowners-to-be get priority, and then long term rentals, and then
AirBNB. I really think we’ll probably
see communities have to start laying hefty taxes onto people that are buying
houses for AirBNB or long term rentals and potentially returns that money to people
that are looking to buy their first homes.
It seems like the simplest and most obvious way to balance the havoc
that inflation is causing between the capital and labor populations.
This will never, EVER happen. What will happen is and is already happening is that there will be places people can't afford to live. How would you regulate 'local homeowners' getting priority? You can't regulate what people do with their private property outside of HOAs. REITs already skew the housing numbers and projections....so many people don't even know what those are. There's no stopping investment trusts from buying real estate and there won't be as their lobby is massive. Hell, the large ones are on the stock market.
Its a shitty situation what is happening now, there's zero doubt about it.
Disparity between and the "Haves and Have-Nots" keeps widening but can't forever. Thier will be a tipping point.
Quote: @minny65 said:
@ StickyBun said:
@ medaille said:
I think local governments need to do studies to find out how
many houses need to be available to support all 3 of these needs, and when
there’s shortages in housing there needs to be some amount of regulation to ensure
that local homeowners-to-be get priority, and then long term rentals, and then
AirBNB. I really think we’ll probably
see communities have to start laying hefty taxes onto people that are buying
houses for AirBNB or long term rentals and potentially returns that money to people
that are looking to buy their first homes.
It seems like the simplest and most obvious way to balance the havoc
that inflation is causing between the capital and labor populations.
This will never, EVER happen. What will happen is and is already happening is that there will be places people can't afford to live. How would you regulate 'local homeowners' getting priority? You can't regulate what people do with their private property outside of HOAs. REITs already skew the housing numbers and projections....so many people don't even know what those are. There's no stopping investment trusts from buying real estate and there won't be as their lobby is massive. Hell, the large ones are on the stock market.
Its a shitty situation what is happening now, there's zero doubt about it.
Disparity between and the "Haves and Have-Nots" keeps widening but can't forever. Thier will be a tipping point.
You'd think that might be the case, but with all the pacifiers in place for the 'have-nots', I don't think there will be.
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