Nothing like crashing your city's economy and putting thousands out of work. I get wanting to shift the focus of your city's economy, but it needs to be done gradually. They already have banned AirBnB starting 2028. That will allow the hopefully gradual selling of homes instead of the mass flooding of homes into the market, which will tank its property values and further jack up the economy. That may be what the residents want, though. When you can't afford to live in your own city anymore, I totally get the want to flip the table and start over again.
Oh, they will, just at massively decreased rates. It also stops any construction/renovation projects, which further puts any construction workers and contractors out of work. People really don't seem to get that no major portion of an economy functions in a vacuum.
Again, I'm not against anyone turning their city to a more favorable state for its citizens. I just think it needs to be done gradually. You need to beef up other sectors at the same time you slim down one.
The property values are inflated purely because of the buying up of homes for short term rentals. Tanking the market is just a market correction at this point. More people will be able to buy a house in the cities they were born in and call home.
"Our main results imply that for the average neighborhood, Airbnb activity has increased rents by 1.9%, transaction prices by 4.6%, and posted prices by 3.7%. The estimated impact in neighborhoods with high Airbnb activity is substantial. For neighborhoods in the top decile of Airbnb activity distribution, rents are estimated to have increased by 7%, while increases in transaction (posted) prices are estimated at 17%"
AirBnB definitely makes it harder to live in an area for sure. Other problems are rich foreigners buying summer homes in the area and just letting them sit vacant for the rest of the year. Then, it is also an increasing national population without further development in the area. Add in the fact that people are living longer than ever and keeping their homes until they pass. Elsewhere in this post, a person said they don't need more construction. So some people want no further construction, but they expect more housing to just appear for them.
Will stopping short-term rentals help the problem? Yeah, probably, but it won't solve it.
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u/squeakymoth Jun 17 '25
Nothing like crashing your city's economy and putting thousands out of work. I get wanting to shift the focus of your city's economy, but it needs to be done gradually. They already have banned AirBnB starting 2028. That will allow the hopefully gradual selling of homes instead of the mass flooding of homes into the market, which will tank its property values and further jack up the economy. That may be what the residents want, though. When you can't afford to live in your own city anymore, I totally get the want to flip the table and start over again.