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Bill Comes Due for Overextended Airbnb Hosts
- neonate 6y agohttps://archive.md/Sgbgx https://archive.md/Sgbgx
- ninju 6y agoIt's business that comes with risks. Nobody forced them to over extend. They will struggle and tighten belts but they will survive and hopefully learn something from it.
- blackrock 6y agoI have to say, I hope these people go bankrupt. At first, it was just some guy renting out his spare bedroom, or attached unit. Nobody cared about that, and we supported them in their attempt to make an extra buck to pay for their mortgage. But then, it became people who took out 5 to 10 mortgages, on separate properties, and turned these homes into a little hoteling empire. This reduced available properties, thus increasing housing costs for everyone, including buyers and renters. And when you multiply this by thousands of people doing the same thing, then we all now have a very serious housing problem. It’s a travesty, that the mortgage lenders allowed this to happen. This is also a result of a lack of regulation and oversight. Society must rectify this.
- deleted 6y ago[deleted]
- vipa123 6y agoNever let public good stand in the way of making a buck.
- duckMuppet 6y agoWe need to the govt to bail these folks out. If we can find an extra 84,500$ per month for Congresspersons to get childcare, i think we can find money to bail out these ppl.
- ianmobbs 6y agoIn what world is having an Airbnb empire, significantly increasing rental costs for actual residents of the city, morally equivalent to childcare?
- deleted 6y ago[deleted]
- chriswphoto 6y agoWell written! Airbnb hoteliers are a net negative for cities.
- fortran77 6y agoAnd of course, they probably got all sorts of tax credits and breaks intended for "first time home buyers" and not R-E investors.
- EricE 6y agoI dunno why the government needs to get involved, the whole article is about how market forces are evening out the very things you are complaining about. All without bureaucrats getting involved. Funny, that.
- quantified 6y agoBummer for the hosts, but if you leveraged yourself to take housing units off the market, I can’t sympathize.
- shiftoutbox 6y agoWell jersey city resident ; hate to break it to you but short term rentals are not legal in your city .
- fortran77 6y agoI have no sympathy for people who entered a risky business and failed and then complain that it's not fair. I'm sure they weren't accounting and paying taxes (and commercial mortgage rates) like a real apartment rental business would be.