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I wish every City does this. I believe Airbnb is one of the big reasons rents are raising in these Cities. Personally if it was up to me, I would have a 90% t

by jmclnx 3y ago

I wish every City does this. I believe Airbnb is one of the big reasons rents are raising in these Cities. Personally if it was up to me, I would have a 90% tax on receipts from Airbnb customers. If you are caught without being registered, your property is taken and sold off in a auction.

coredog64 3y ago
I worked in Manhattan for just over a year prior to the pandemic and spent quite a bit of time in AirBnBs while I was getting to know the city. All but one of them were people renting out a spare room in their owner-occupied space. I appreciated that I was able to experiment with different neighborhoods without being limited to those where hotels were available.
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balderdash 3y ago
What portion of the housing supply would need to be Airbnbs to raise rents say 10%? I just can’t seem to get the math to pencil so that the amount of investor owned Airbnbs would make a meaningful impact on the rents/prices…
- nprateem 3y ago
  10%, or is this a trick question?
  - xboxnolifes 3y ago
    It's not a trick question, and it's not as simple as matching the percentages. Rents can raise by more than 100%, but total supply caps at 100%. If AirBnB controlled every rental unit, rental prices wouldn't go up exactly 100%.
    - nprateem 3y ago
      Of course, but unless you're going to work out the price elasticity of supply/ demand, you might as well just assume it's one as a starting point.
  - balderdash 3y ago
    My point was more about quantities - assume 1:1 elasticity, there are like 11,000 Airbnbs in nyc (assume all investor owned / 100% dedicated to Airbnb), that’s like 0.3% of the housing stock in NYC. If you sold them all tomorrow it would be like one months sales. My main point being that people expecting any sort of regulation on Airbnb to have an effect on pricing seems naive.
    - tmnvix 3y ago
      Assuming 0.3% and also assuming a rental vacancy rate of 3% (typically reported in many cities), that is a 10% boost to available rentals - so yes, it's significant.
      - balderdash 3y ago
        I think that’s the wrong metric, the velocity is much higher (20-30k new rentals/month which means all the airbnbs would consumed in like 1-2 weeks)
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matthewfelgate 3y ago
[flagged]

by jmclnx 3y ago

coredog64 3y ago

I worked in Manhattan for just over a year prior to the pandemic and spent quite a bit of time in AirBnBs while I was getting to know the city. All but one of them were people renting out a spare room in their owner-occupied space. I appreciated that I was able to experiment with different neighborhoods without being limited to those where hotels were available.

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balderdash 3y ago

What portion of the housing supply would need to be Airbnbs to raise rents say 10%? I just can’t seem to get the math to pencil so that the amount of investor owned Airbnbs would make a meaningful impact on the rents/prices…

nprateem 3y ago
10%, or is this a trick question?
- xboxnolifes 3y ago
  It's not a trick question, and it's not as simple as matching the percentages. Rents can raise by more than 100%, but total supply caps at 100%. If AirBnB controlled every rental unit, rental prices wouldn't go up exactly 100%.
  - nprateem 3y ago
    Of course, but unless you're going to work out the price elasticity of supply/ demand, you might as well just assume it's one as a starting point.
- balderdash 3y ago
  My point was more about quantities - assume 1:1 elasticity, there are like 11,000 Airbnbs in nyc (assume all investor owned / 100% dedicated to Airbnb), that’s like 0.3% of the housing stock in NYC. If you sold them all tomorrow it would be like one months sales. My main point being that people expecting any sort of regulation on Airbnb to have an effect on pricing seems naive.
  - tmnvix 3y ago
    Assuming 0.3% and also assuming a rental vacancy rate of 3% (typically reported in many cities), that is a 10% boost to available rentals - so yes, it's significant.
    - balderdash 3y ago
      I think that’s the wrong metric, the velocity is much higher (20-30k new rentals/month which means all the airbnbs would consumed in like 1-2 weeks)

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matthewfelgate 3y ago

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