Thousands of Airbnbs and other short-term rentals are expected to disappear from rental platforms as New York City begins enforcing tight restrictions.
The End of Airbnb in New York::Thousands of Airbnbs and other short-term rentals are expected to disappear from rental platforms as New York City begins enforcing tight restrictions.
It applies to anywhere. The problem isn’t one situation. It’s this same story, repeated thousands of times in every city across the globe.
Bobby wants to live in a house. Monthly rent prices are usually around $1,000 per month in his home town.
Joe wants to make money by renting out a house on AirBnb. Hotel prices are usually around $200 per night in the same location. If Joe rents out his house for just 10 nights a month, he can make $2,000. This easily covers Joe’s expenses and puts the extra cash in his bank account. If he rents it out for 25 nights, he’s putting away a lot of cash.
When houses are up for sale, Bobby can only spend a similar cost as his rent. Joe has been watching his bank account climb and is ready to spend a lot on another house to put on AirBnb. Joe can make a profit even if the house is double the price.
Bobby’s landlord sees housing prices rise. Decides to either (1) increase Bobby’s rent to $2,000 - which he can’t afford or (2) sell the house to someone like Joe for a major markup.
Bobby has to move in with roommates and will never be able to afford to buy a home when competing against all the Joes out there.
Off topic but I always thought the airbnb logo looks like a dangling ballsack and their service fits well with that image, so I’m not the least bit surprised to see the company struggling.
Good. That was kinda the whole fucking point of Airbnb in the first place. If you want to own property for the sole purpose of short term rentals buy a hotel.
Yep. Just like Uber it morphed, from people sharing a ride or their place while on vacation, into full time drivers and landlords. Not the philosophical intebt of the original service, and it ruined it for everyone.
I mean Uber started as a black car service and wanted it to be possible for drivers to do it full time if they wanted. Neither Uber nor Lyft were ever billed as “make some money sharing a ride to where you are already driving”, the platform doesn’t even account/allow for that.
I fully agree on Airbnb but I don’t think the Uber example works.
I looked it up and you’re correct. I didn’t realize Uber started literally as “UberCab” and later dropped the “cab” and added the personal car ride sharing component. Thx for the tip!
Smart. People can still rent out an extra room, but can’t squat on an apartment solely for Airbnb.
That’s how airbnbs were when I’ve used them in the past, things like a place where you can sleep on someone’s couch, or a house with a spare room you can crash in. Those kinds of arrangements were way cheaper than hotels and very appealing.
Translation: there’s a fucking housing crisis and people are still living on the street but some rich fucking trust fund prick can come in and buy up all the real estate and fuck all the other working class over.
Hotels at the very least are intended for mass population and are space conscious. Airbnb is a plague that is destroying our ability to own affordable homes because, yet again, the rich use their abundant, gluttonous power to fuck over anyone who isn’t giving them their money.
A bummer though for anyone visiting as hotels become the only option, and prices go way up, beholden to moneyed corporate interests who lobby politicians in their favor and pockets.
Ed: just wow on the downvote brigading.
Upvote/downvote is supposed to reflect whether or not the comment contributes to the conversation. Not killing the messenger when it’s some info someone doesn’t want to hear.
This is just very standard macroeconomics supply and demand, plus regular institutionalized political corruption.
Yes, Abnb sucks shit, and their prices are stoopid high, but that’s the free market.
Ban them and watch hotel prices go up. Simple as that.
Airbnb has basically become “hotel prices, but the cost is hidden behind cleaning fees”. Also, hotels basically stopped giving a shit after the pandemic. No loss here.
I think it’s been too long since you’ve looked at Airbnb. Prices are no longer a deal in contrast to hotels. It’s all inflated trash and no longer accessible for regular people.
In my experience over the last two years hotels are either same price OR less expensive due to AirBnBs bait and switch pricing. The taxes, cleaning fees, and random add ons are absurd.
In a recent example, staying at some Yurt for three days was $248. After taxes and fees it was around $515. Like wtf?!
I’m at the point where even if the pricing was flat, a hotel is 10X less hassle to deal with than AirBnB.
AirBnB is just as corporate and lobbyist bullshit as any other company. Arguably worse, in that AirBNB breaks the laws and then tries to get laws changed.
Hotel chains at least try to lobby to change the laws before breaking the rules.
Well I think it was successful for the same reason so many unicorn startups are. They were bankrolled by promising angel investors marketshare so they were able to run artificially brutally low prices to dry out the rest of the market for years. But now investors are asking for those profits back and we’re here dealing with horrible Airbnb prices AND it made the housing crisis worse. Double whammy, bb!!
Downtown service businesses looking at empty offices due to WFH. “Well, at least people still come downtown for its hotels. Tourists still have lots of money to prop us up!” AirBnB gets banned, hotels start jacking up prices. “Well, #$%#.”
I think offices into hotels would solve both problems, right?
You are not logged in. However you can subscribe from another Fediverse account, for example Lemmy or Mastodon. To do this, paste the following into the search field of your instance: !technology@lemmy.world
This is a most excellent place for technology news and articles.
English
ELI5: why is having airbnb’s a bad thing? ( not local, not in the loop )
It applies to anywhere. The problem isn’t one situation. It’s this same story, repeated thousands of times in every city across the globe.
Bobby wants to live in a house. Monthly rent prices are usually around $1,000 per month in his home town.
Joe wants to make money by renting out a house on AirBnb. Hotel prices are usually around $200 per night in the same location. If Joe rents out his house for just 10 nights a month, he can make $2,000. This easily covers Joe’s expenses and puts the extra cash in his bank account. If he rents it out for 25 nights, he’s putting away a lot of cash.
When houses are up for sale, Bobby can only spend a similar cost as his rent. Joe has been watching his bank account climb and is ready to spend a lot on another house to put on AirBnb. Joe can make a profit even if the house is double the price.
Bobby’s landlord sees housing prices rise. Decides to either (1) increase Bobby’s rent to $2,000 - which he can’t afford or (2) sell the house to someone like Joe for a major markup.
Bobby has to move in with roommates and will never be able to afford to buy a home when competing against all the Joes out there.
Got it, thanks!
Off topic but I always thought the airbnb logo looks like a dangling ballsack and their service fits well with that image, so I’m not the least bit surprised to see the company struggling.
Good. That was kinda the whole fucking point of Airbnb in the first place. If you want to own property for the sole purpose of short term rentals buy a hotel.
Yep. Just like Uber it morphed, from people sharing a ride or their place while on vacation, into full time drivers and landlords. Not the philosophical intebt of the original service, and it ruined it for everyone.
I mean Uber started as a black car service and wanted it to be possible for drivers to do it full time if they wanted. Neither Uber nor Lyft were ever billed as “make some money sharing a ride to where you are already driving”, the platform doesn’t even account/allow for that.
I fully agree on Airbnb but I don’t think the Uber example works.
I looked it up and you’re correct. I didn’t realize Uber started literally as “UberCab” and later dropped the “cab” and added the personal car ride sharing component. Thx for the tip!
Smart. People can still rent out an extra room, but can’t squat on an apartment solely for Airbnb.
That’s how airbnbs were when I’ve used them in the past, things like a place where you can sleep on someone’s couch, or a house with a spare room you can crash in. Those kinds of arrangements were way cheaper than hotels and very appealing.
translation, Hotels are losing to much business there
Translation: there’s a fucking housing crisis and people are still living on the street but some rich fucking trust fund prick can come in and buy up all the real estate and fuck all the other working class over.
Hotels at the very least are intended for mass population and are space conscious. Airbnb is a plague that is destroying our ability to own affordable homes because, yet again, the rich use their abundant, gluttonous power to fuck over anyone who isn’t giving them their money.
removed by mod
Thanks for all the big tiddy goth gf pics fam.
A blessing, really, for cities experiencing housing shortage.
A bummer though for anyone visiting as hotels become the only option, and prices go way up, beholden to moneyed corporate interests who lobby politicians in their favor and pockets.
Ed: just wow on the downvote brigading. Upvote/downvote is supposed to reflect whether or not the comment contributes to the conversation. Not killing the messenger when it’s some info someone doesn’t want to hear.
This is just very standard macroeconomics supply and demand, plus regular institutionalized political corruption.
Yes, Abnb sucks shit, and their prices are stoopid high, but that’s the free market.
Ban them and watch hotel prices go up. Simple as that.
People downvoting either aren’t old enough to remember how bad hotels were, or are wearing rose colored glasses.
When airbnbs came to my city, after a few years, hotels finally lowered prices and made a effort to give a shit. I hope it doesn’t fall back to that.
But then again, the past few years, Airbnb rentals seem to be run by shady companies instead of by homeowners with an extra room.
Airbnb has basically become “hotel prices, but the cost is hidden behind cleaning fees”. Also, hotels basically stopped giving a shit after the pandemic. No loss here.
The last few times I’ve tried to book an AirBnB the price difference from a standard hotel room was almost nothing. AirBnB has been trash for awhile.
I think it’s been too long since you’ve looked at Airbnb. Prices are no longer a deal in contrast to hotels. It’s all inflated trash and no longer accessible for regular people.
In my experience over the last two years hotels are either same price OR less expensive due to AirBnBs bait and switch pricing. The taxes, cleaning fees, and random add ons are absurd.
In a recent example, staying at some Yurt for three days was $248. After taxes and fees it was around $515. Like wtf?!
I’m at the point where even if the pricing was flat, a hotel is 10X less hassle to deal with than AirBnB.
removed by mod
Gotta wonder if the competition from airbnb kept hotel prices lower. I do agree with you though.
Rather hotels be inaccessible than housing. You only need one of those to live.
AirBnB is just as corporate and lobbyist bullshit as any other company. Arguably worse, in that AirBNB breaks the laws and then tries to get laws changed.
Hotel chains at least try to lobby to change the laws before breaking the rules.
removed by mod
True! Getting rid of these AirBnBs probably doesn’t hurt things though. Now they might actually get a long-term resident.
removed by mod
Well I think it was successful for the same reason so many unicorn startups are. They were bankrolled by promising angel investors marketshare so they were able to run artificially brutally low prices to dry out the rest of the market for years. But now investors are asking for those profits back and we’re here dealing with horrible Airbnb prices AND it made the housing crisis worse. Double whammy, bb!!
I was successful because it’s skirting (pretty blatantly breaking actually) rental laws and thus gains an advantage over the competition.
Downtown service businesses looking at empty offices due to WFH. “Well, at least people still come downtown for its hotels. Tourists still have lots of money to prop us up!” AirBnB gets banned, hotels start jacking up prices. “Well, #$%#.”
I think offices into hotels would solve both problems, right?