3 ms·
The hotels's profitability will reduce, and the marginally profitable ones will be converted into apartments, increasing residential supply.
by meric 10y ago
The hotels's profitability will reduce, and the marginally profitable ones will be converted into apartments, increasing residential supply.
- Naritai 10y agoTo avoid being laughed out of the room, you'll have to prove that the growth in residences due to hotel closures is greater than the loss of residences due to AirBNB.
- meric 10y agoLet me clarify, the increase in housing supply is a reaction towards an increase in AirBNB's and may not cancel out the decrease in housing supply due to those AirBNB's. I made the comment to say the decrease in long term residences is not as great as the number of residences allocated as AirBNB's. One hotel converted into condominiums create 1100 residences,[1] out of < 30000 AirBNB rentals in NYC. It's such a "problem" the council wanted to ban it. [3] [1] http://www.marketwatch.com/story/waldorf-astoria-hotel-to-be-gutted-up-to-1100-rooms-turned-into-condos-2016-06-27 http://www.marketwatch.com/story/waldorf-astoria-hotel-to-be... [2] https://news.ycombinator.com/item?id=11992112 https://news.ycombinator.com/item?id=11992112 [3] http://nypost.com/2015/05/11/council-plan-would-limit-changing-hotels-into-apartments/ http://nypost.com/2015/05/11/council-plan-would-limit-changi...
- collyw 10y agoYet, this study says that NY housing stock is down 10% down to Airbnb. https://www.theguardian.com/us-news/2016/jun/27/airbnb-new-york-city-housing-stock-reduction-study https://www.theguardian.com/us-news/2016/jun/27/airbnb-new-y...