3 ms·
Your anger is misplaced. The root cause of housing stock is not how people are using the current stock but the complete refusal to amend the situation to build
by malandrew 13y ago
Your anger is misplaced. The root cause of housing stock is not how people are using the current stock but the complete refusal to amend the situation to build more housing stock. Many landlords (living in their property or renting out) actively oppose rezoning changes that would permit more housing in the city. Those renting out are very much in favor of current zoning because they earn far more money from units because of limited stock.
Furthermore, a lot of those I know who have an extra room and rent out on AirBnB are usually renting out to people actively trying to move to the city and need a place to stay (1-3 months) until they find a unit to live in. For those AirBnB hosts that keep a lease, almost all of them that I know are renting out on AirBnB for more than 30 days at a time (usually to people trying to move to the city), because its not convenient or cost effective to manage back to back short-term stays when you aren't living in the unit. At the end of the day, those subleasing are usually just absorbing the difference between the rent control they secured originally and market value, which would be absorbed by the landlord anyways the moment the lease was given up. i.e. If Bob rents a rent controlled unit from Alice at $1000 a month and then decides to sublet it at $1500 a month 2 years later to Carol, then Bob is making $500 dollars profit. However if Bob gave up the lease, Alice would rent it out again at $1500 to Carol anyways. Either way, Carol ends up paying $1500 a month.