So, while AirBnb is both good and bad, I prefer to value native peoples ability to live in their places, rather than helping the rental market, that was just already stretched when AirBnb arrived.
- One page contract
- Ban loans for private home ownership (or socialize them but you would have to do that in a a very particular manner)
- No property taxes for up to two homes
Maybe an additional required indicator on that page of “is purchasing this home a good financial decision for the purchaser given their income” on a scale from 0-10.
Just a month ago I saw a coworker get screwed financially on a home purchase. And now with a recession knocking on the door, oof.
I’m curious to better understand your co-workers situation as well - was it a case if overextending themselves or caveat emptor on some part of the transaction?
This is a good thing. Because it means that the properties can be occupied by people actually living there.
We have a lot of cottages / really small properties here, that are good short-term rentals but not great regular rentals. so basically a lot of garbage rentals came available that did nothing to actually help our rental market.
Cottages are great rentals. They may not fit your needs, but in large cities, there will definitely be thousands or hundreds of people for who cottages are the perfect fit.
Most of what you describe is actually good for the rental market for the people actually living and working in the community.
The hotels knew they now had a more captive market than previously.
Hotels cannot "capture" the market. They are dependent on tourists coming in to the town, and that means that other parts of the town must provide a reason to visit. Right now, hotels are bleeding money.
the lesson there is not to grandfather privileges if you want to actually fix something.
This happens all of the time. They frequently lobby cities to push out other short term rental options that they have difficulty competing with, which leads to regulatory capture.
The problem is, the following things happened as a result:
-- Existing short-term rental properties were grandfathered, which artificially has made those properties more valuable.
-- A lot of properties that might have previously been purchased and renovated by investors sit idle because the investors can't turn them into short-term rentals.
-- We have a lot of cottages / really small properties here, that are good short-term rentals but not great regular rentals. so basically a lot of garbage rentals came available that did nothing to actually help our rental market.
-- The hotels knew they now had a more captive market than previously.
So while I appreciate the sentiments of those who wanted to end short-terms rentals in the name of affordable housing, at least in our local market it has not been a good thing.