Re:Markets, Rent and WFH
by chadlavi on Thursday July 02, 2020 @12:32PM
(#23715018)
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.
[ Parent
| on HN ]
I'm also in NYC. If AirBnB went under, the real estate market here would be in deep trouble.
Sure, but that’s the point: a deep trouble for property owners is a boon for non-owners.
Re:Markets, Rent and WFH
by neutronicus on Thursday July 02, 2020 @02:02PM
(#23716120)
It'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.
That’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!