4 ms·

That might be true now. Will it be true in the future? As word gets out you can make $$$$$ renting on AirBnB then more and more people will do it until there is

That might be true now. Will it be true in the future? As word gets out you can make $$$$$ renting on AirBnB then more and more people will do it until there is competition for renters which will lowering prices. I don't know that will happen but it's certainly a possibility with the prices now only being possible because supply hasn't yet caught up with demand.

psaintla 11y ago
It will remain true in places where there is limited supply due to geography or legal restrictions. Those also happen to be where a lot of major tourist destinations are.
- Zach_the_Lizard 11y ago
  In areas with legal restrictions, it sounds like the solution is to fix the legal restrictions. The law can be changed, after all; geography is a little less malleable.
  - brewdad 11y ago
    So the solution to the problem of property owners operating in violation of the law is to change unrelated laws to deter them? That's like trying to stop your town's speeding problem by writing more parking tickets.
    - psaintla 11y ago
      I have no idea what you think I said.
  - psaintla 11y ago
    You say that like it's a simple thing, it's not. Here is a concrete example of what I mean. In NYC rent control/stabilization artificially limits the supply and increases the cost of non-stabilized units. If rent control was eliminated rental values across the city would plummet in non-stabilized units. As a result property values in non-stabilized buildings would plummet as well. You could easily trigger a panic as landlords try to sell off property that is declining in value. There are unintended side effects to changing laws, it's never as simple as just fixing a legal restriction.
    - pavel_lishin 11y ago
      > If rent control was eliminated Do you mean rent control and rent stabilization? As far as I can tell, rent-controlled units make up something like 2% of all units.
      - eric_h 11y ago
        > rent-controlled units make up something like 2% of all units True, but that is actually a great deal of lost income for the landlords in those cases. Anecdotally, of the number of people I've heard of living in rent controlled apartments, I've never heard of rent over $500, including 2 and 3 bedroom apartments in primo neighborhoods. Numbers like that are just _absurd_ given what I'm paying for my 1 bedroom in an "up and coming" neighborhood in queens
        pavel_lishin 11y ago
        My question is, then, how would a paltry 2% increase in available units - assuming landlords instantly kick those folks out - cause the rental market to suddenly get that much cheaper?
        Zach_the_Lizard 11y ago
        Eliminating rent control wouldn't do much to lower rents given the relatively small numbers of units. They should definitely end it going forward, though. Getting rid of rent stabilization, which is roughly half of all rental units in NYC IIRC, would have a huge effect, both positive and negative. My prediction is that after a few years of adjustment following its end, the average paid rent would be about the same but the average advertised rent would be much lower. All renters would equally feel the misery of rising rents, so I'd expect the political landscape would be very different with regards to feelings towards building more housing.
      - psaintla 11y ago
        Yes, I should have been more clear. I meant both.

psaintla 11y ago

It will remain true in places where there is limited supply due to geography or legal restrictions. Those also happen to be where a lot of major tourist destinations are.

Zach_the_Lizard 11y ago
In areas with legal restrictions, it sounds like the solution is to fix the legal restrictions. The law can be changed, after all; geography is a little less malleable.
- brewdad 11y ago
  So the solution to the problem of property owners operating in violation of the law is to change unrelated laws to deter them? That's like trying to stop your town's speeding problem by writing more parking tickets.
  - psaintla 11y ago
    I have no idea what you think I said.
- psaintla 11y ago
  You say that like it's a simple thing, it's not. Here is a concrete example of what I mean. In NYC rent control/stabilization artificially limits the supply and increases the cost of non-stabilized units. If rent control was eliminated rental values across the city would plummet in non-stabilized units. As a result property values in non-stabilized buildings would plummet as well. You could easily trigger a panic as landlords try to sell off property that is declining in value. There are unintended side effects to changing laws, it's never as simple as just fixing a legal restriction.
  - pavel_lishin 11y ago
    > If rent control was eliminated Do you mean rent control and rent stabilization? As far as I can tell, rent-controlled units make up something like 2% of all units.
    - eric_h 11y ago
      > rent-controlled units make up something like 2% of all units True, but that is actually a great deal of lost income for the landlords in those cases. Anecdotally, of the number of people I've heard of living in rent controlled apartments, I've never heard of rent over $500, including 2 and 3 bedroom apartments in primo neighborhoods. Numbers like that are just _absurd_ given what I'm paying for my 1 bedroom in an "up and coming" neighborhood in queens
      - pavel_lishin 11y ago
        My question is, then, how would a paltry 2% increase in available units - assuming landlords instantly kick those folks out - cause the rental market to suddenly get that much cheaper?
        Zach_the_Lizard 11y ago
        Eliminating rent control wouldn't do much to lower rents given the relatively small numbers of units. They should definitely end it going forward, though. Getting rid of rent stabilization, which is roughly half of all rental units in NYC IIRC, would have a huge effect, both positive and negative. My prediction is that after a few years of adjustment following its end, the average paid rent would be about the same but the average advertised rent would be much lower. All renters would equally feel the misery of rising rents, so I'd expect the political landscape would be very different with regards to feelings towards building more housing.
    - psaintla 11y ago
      Yes, I should have been more clear. I meant both.