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As a fellow New Yorker, I think probably a much bigger impact for us is tourism and foreign wealth parking. People coming to NYC and staying in AirBnBs and Russ
by chadlavi 6y ago
As a fellow New Yorker, I think probably a much bigger impact for us is tourism and foreign wealth parking. People coming to NYC and staying in AirBnBs and Russian/Chinese/Saudi wealth dropping cash for properties to give their children pieds-a-terre have a way bigger impact than other middle/upper-middle income tech workers.
- pclmulqdq 6y agoI'm also in NYC. If AirBnB went under, the real estate market here would be in deep trouble.
- xyzzyz 6y agoSure, but that’s the point: a deep trouble for property owners is a boon for non-owners.
- neutronicus 6y agoIt's only deep trouble if they're over-leveraged, it's only a boon for non-owners who can afford to buy, and it only remains a boon as long as deep-pocketed buyers with long investment horizons stay out of the market.
- chadlavi 6y agoI sure hope so!
- ixtli 6y agoThat’s good for us as non-landlords though. I just want to live here. I don’t care about their ability to profit off of the demand which, by the way, has lead to a large amount of housing stock being left vacant!