4 ms·

Yes they are. I know such people. Usually the second/third/fourth homes get rented out as AirBnBs.

hammock 3y ago
Anecdotally, of the many people I know who own second homes, ~80% or more are not rented out when the owner is not there. In at least half of the cases Airbnb is expressed prohibited by their community/municipality
busterarm 3y ago
> Second homes tend to be in vacation locations > AirBnBs It's unfortunate that sometimes vacation destinations also can be places where lots of people want to live but the PP was not wrong.
hotpotamus 3y ago
I stand to inherit from such people. They own five homes, are building a sixth, and have plans for 1-2 more at least. 4 are rentals, 1 is a charity to my Uncle who is mentally unwell and unable to provide his own living. They don't think they have that much money.
- twothreeone 3y ago
  It's all relative, but supposedly the top 1% had $11M in the US in 2022 (e.g., via https://www.forbes.com/advisor/investing/financial-advisor/are-you-in-the-top-1-percent https://www.forbes.com/advisor/investing/financial-advisor/a...). That means, 5 averagely priced houses do not put you in the top 1%, however, 1 big mansion in a nice area could.
  - kelnos 3y ago
    $11M is net worth, not all of which needs to be held in residential real estate. I would expect a lot of people in that ballpark of net worth to probably "only" have a few million sunk into real property. The rest would likely be in securities. Also consider that someone with 5 houses may not even have all that much of their net worth in the houses; the could largely be financed.
Podgajski 3y ago
Exactly, and what’s the occupancy rate for those Airbnb? 80%, 50% 20%? I knew one family that could make more an Airbnb in a week than they could renting it for two months. We are incentivized by our greed nothing else.
- kelnos 3y ago
  Perhaps, but so what? Acting morally superior doesn't fix that. You don't change people's habits or desires. You either change the incentives (good luck with that in this particular case), or you... build more housing and make it not a problem that people own multiple homes.
  - Podgajski 3y ago
    Shame used to work wonders to get people to change their behavior. It’s still does. That’s the thing about morals, included with it is shame.
    - gremlinsinc 3y ago
      Good luck with counting on people to have shame and a moral compass (esp the wealthy). There's a ton of bigots on X (Twitter) who just love beating their chest showing they're a bigger biggot than the next. It's the generation of F* you, I've got mine, and not all of us are like that, but too many definitely are.
      - thfuran 3y ago
        >It's the generation of F* you, I've got mine Which generation exactly?
        Podgajski 3y ago
        All of them.
  - AlexandrB 3y ago

Anecdotally, of the many people I know who own second homes, ~80% or more are not rented out when the owner is not there. In at least half of the cases Airbnb is expressed prohibited by their community/municipality

busterarm 3y ago

> Second homes tend to be in vacation locations > AirBnBs It's unfortunate that sometimes vacation destinations also can be places where lots of people want to live but the PP was not wrong.

hotpotamus 3y ago

I stand to inherit from such people. They own five homes, are building a sixth, and have plans for 1-2 more at least. 4 are rentals, 1 is a charity to my Uncle who is mentally unwell and unable to provide his own living. They don't think they have that much money.

twothreeone 3y ago
It's all relative, but supposedly the top 1% had $11M in the US in 2022 (e.g., via https://www.forbes.com/advisor/investing/financial-advisor/are-you-in-the-top-1-percent https://www.forbes.com/advisor/investing/financial-advisor/a...). That means, 5 averagely priced houses do not put you in the top 1%, however, 1 big mansion in a nice area could.
- kelnos 3y ago
  $11M is net worth, not all of which needs to be held in residential real estate. I would expect a lot of people in that ballpark of net worth to probably "only" have a few million sunk into real property. The rest would likely be in securities. Also consider that someone with 5 houses may not even have all that much of their net worth in the houses; the could largely be financed.

Podgajski 3y ago

Exactly, and what’s the occupancy rate for those Airbnb? 80%, 50% 20%? I knew one family that could make more an Airbnb in a week than they could renting it for two months. We are incentivized by our greed nothing else.

kelnos 3y ago
Perhaps, but so what? Acting morally superior doesn't fix that. You don't change people's habits or desires. You either change the incentives (good luck with that in this particular case), or you... build more housing and make it not a problem that people own multiple homes.
- Podgajski 3y ago
  Shame used to work wonders to get people to change their behavior. It’s still does. That’s the thing about morals, included with it is shame.
  - gremlinsinc 3y ago
    Good luck with counting on people to have shame and a moral compass (esp the wealthy). There's a ton of bigots on X (Twitter) who just love beating their chest showing they're a bigger biggot than the next. It's the generation of F* you, I've got mine, and not all of us are like that, but too many definitely are.
    - thfuran 3y ago
      >It's the generation of F* you, I've got mine Which generation exactly?
      - Podgajski 3y ago
        All of them.
- AlexandrB 3y ago