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Isn't it more like 995k apartments for rent, and 5k hotels? The difference between 10% and 0.5% matters when you're arguing that AirBnB significantly reduces th
by arebop 10y ago
Isn't it more like 995k apartments for rent, and 5k hotels? The difference between 10% and 0.5% matters when you're arguing that AirBnB significantly reduces the supply of housing in NYC.
- brianwawok 10y agoDepends how elastic the supply is. If those 1 million units, what if only 50k turn over each year? So 50k vs 55k units available could have a doubt digit influence on price.
- arebop 10y agoYou should't assume that airbnb conversions would turn over 20x as frequently as the existing apartments. So it wouldn't 50k vs. 55k, but 50000 vs. 50250. Sure, there might be a big spike in supply on airbnb-banishment-day, but then those apartments get rented and we're back to approximately the place we started, as far as long-term rents go, only without airbnb the tourists and property owners are worse off.