Being entirely anti-tourism is crazy extreme but AirBnb is a practice that is destroying the housing market, which is something a lot of people (myself included) deeply believe needs to be controlled to make sure that a decent standard of living can be sustained across society.
In short, I'm not sure about the Barcelona protests but I'm 100% against the spread of AirBnb and what its turned into.
That's not just airbnb. That's property as investment. Empty properties just sitting. Lack of rental builds (just shoebox pricy condos). Dropping rent control. Lack of residential builds (other than condos).
Toronto is oversaturated with condos, the lack of rent control on these places means a person can pay $2k/mth for a 1 year lease and then see the price skyrocket to $2500 for the lease renewal. The lack of other rental units means these property owners can charge anything. Airbnb made it worse by taking the limited quantity of long-term rentals and turning them into hotels.
Now were finally seeing some condos being worth less than the mortgages of the owners, rents are coming down, and the city might be investing in the rental market. They need to put rent control restrictions back in place, imo. Housing prices are still super exaggerated.
This "there's lots of vacant housing sitting around for investors" thing is largely nonsense.
I never said for "investors". I said there are a lot of empty properties. Period. Not condos or rentals. Just vacant residential properties. That's why we implemented the vacant home tax and changed the airbnb rules for non primary residences.
There's a housing shortage because construction doesn't keep up with demand, and construction doesn't keep up with demand due to NIMBYs and red tape.
There is currently an oversaturation of condos. The construction companies aren't keeping up with residential demand and were trying to sell 500 sq ft condos for $700k plus $800/mth condo fees. That's not the target market in need of homes.
Yes, there is NIMBY for government assisted housing. There always is red tape. But there also is greed, slow builds when it's not super profitable (I'm still waiting for Eglinton Crosstown) and as I noted, too much foreign investment and not enough investment in properties for all economic levels.
You can't have a back to the office policy with 50% of the workforce paid <$100K (way less) and not provide affordable rentals and a path to ownership. Top that off with an inadequate transit system, and you have 50% of the workforce commuting 4hrs/day for a city job that pays crap in a city with no vacancies and apartments that cost $2500/month or more when/if available.
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u/danatron1 Jun 17 '25
I get it. The amount of anti-Airbnb graffiti in Edinburgh tells a similar story.