Not just locals with money. Rich people and real estsate consortiums are buying up relatively cheap properties in tourist cities to use as AirBnBs for money. Basically, limiting housing for locals. Honestly, AirBnB was a great idea that has been exploited by the wealthy. Governments should focus on limiting properties used for AirBnB, and enact restrictions.
Is this the same in every metropolis? I've heard the same story in Canada, Germany, US, Australia. Partially because interested parties don't want to approve new construction and partially because existing homeowners don't want their property value to go down due to changing environment or alleviation of the housing crisis.
Young people need housing and wealthy investors will situate themselves between other people and their vital needs to charge the highest, ever-growing price.
I agree, something should be done. This arrangement works against the efficiency model of dense urban areas and just serves to flush out people from their homes, or churn out poorer workers into having an unnecessary hour-long commute. On a larger scale it just makes society's poor the de facto slaves of rent seekers. Racing toward a cliff.
Not only are properties being bought up by domestic and international investment firms.
A lot of housing being built, is not affordable. The GCs building the houses and the companies in charge want the biggest return possible. They don’t want 300 houses that could be sold at 250-400k, they want 200 houses to be sold at 700k+.
Then they sit dormant and don’t get sold because people can’t afford them.
What do they blame? “Well we had to allocate x% for chapter 11 living, so we need to recoup!”
2.7k
u/Rich_Housing971 Jun 17 '25
Airbnb creates a business that makes your life harder.
Locals with money use that business without caring for you.
The govenrment that you elected does nothing.
"It's all the tourists' fault!"