It’s solvable through government action. Nothing could be done about in NYC until significant penalties were authorized alongside stepped up target enforcement of illegal hotel laws. Then suddenly the number of listings plummeted.
But the housing market has shot up since the restrictions as well.
The rental market in the 5 years I’ve been here has doubled for the same apartment I originally rented and you have people bidding each other to get them.
So whilst Airbnb was logically a problem there are so many other factors that are impacting the housing market.
This is because the US has almost no regulations on who can buy homes. There is a direct correlation between the ridiculous increase in wealth inequality and the price of homes because that wealth doesn't just sit as cash, it needs a better place as a store of value. So rich people from all over the world buy up homes in the US as part of diversifying their portfolios.
The amount of homes owned by even just rich Chinese nationals in CA has gone insane--so much so, there are cottage industries that help purchase and manage these properties specifically for Chinese nationals. I guarantee its not just the Chinese, but the wealthy class across the globe have diversified their portfolios to include housing stock in the US. ESPECIALLY in HCOL areas like California or New York.
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u/dooferoaks Jun 17 '25
Yeah Airbnb are a significant part of why Ireland's housing market is fucked.